(Corrects reference to previous sentiment figure in paragraph
* G8 leaders say global recovery more "self-sustained"
* But group says higher commodity prices a problem
* Pending home sales, sentiment data awaited
* Dow down 4 pts, S&P up 0.8 pt, Nasdaq up 0.5 pt
* For up-to-the-minute market news see [STXNEWS/US]
(Updates prices, adds analyst comment)
By Ryan Vlastelica
NEW YORK, May 27 U.S. stock index futures were
little changed on Friday, with investors cautious before a long
holiday weekend and economic data on pending home sales and
consumer sentiment that could give the market direction.
This has been a choppy week for equities, with steep losses
early offset by a rally in the past two days. The S&P 500 is
down 0.6 percent for the week. Trading volume could be anemic
on Friday ahead of Monday's Memorial Day holiday.
The losses early in the week came on worries about
euro-zone sovereign debt, as well as concerns that global
demand was slowing. While there are few catalysts seen for
strong positive advances, technical support suggests there is a
floor for stocks.
The Group of Eight leaders agreed on Friday that the global
economic recovery was becoming more "self-sustained," though
higher commodity prices were hampering further growth. For
details, see [ID:nLDE74Q0CZ]
"Stocks are sitting on a well-balanced seesaw right now and
there's not much that will make us go one way or the other,"
said Christian Wagner, chief executive officer at Longview
Capital Management in Wilmington, Delaware.
"The G8 news was good, and we're sitting on major support
levels, but people are always cautious going into a long
April pending home sales will be released at 10 a.m. (1400
GMT). Economists see a 1 percent decline compared with a 5.1
percent increase in the previous month. The final May Thomson
Reuters/University of Michigan Surveys of Consumers is seen
essentially holding steady from the preliminary May level.
Personal income and consumption data will be released
earlier on Friday.
S&P 500 futures SPc1 rose 0.8 point and were above fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures DJc1 fell 4
points and Nasdaq 100 futures NDc1 rose 0.5 point.
EBay (EBAY.O) and its online payment unit, PayPal Inc, on
Thursday sued Google Inc (GOOG.O) and two executives, claiming
they stole trade secrets. [ID:nN26265950]
Google, MasterCard (MA.N), Citigroup (C.N), Sprint (S.N)
and transaction processing company First Data unveiled a system
that will allow shoppers to use mobile phones to pay for items
at the checkout counter. [ID:nN26241064]
Macau casino operator MGM China raised $1.5 billion from
its Hong Kong initial public offering after pricing it at the
top of its indicated range. The firm is co-owned by MGM Resorts
International (MGM.N), shares of which rose 1 percent to $15.88
in light premarket trading.
The $7.1 billion merger of coal miners Massey Energy Co
MEE.N and Alpha Natural Resources Inc ANR.N should be
blocked or Massey's board will avoid responsibility for their
reckless management, a shareholder attorney told a court late
(Editing by Kenneth Barry)