NEW YORK Dec 14 U.S. stock index futures rose
on Friday, pointing to a bounce back for Wall Street after
retreating Thursday, though investors remained concerned about a
lack of progress by politicians in ongoing fiscal negotiations.
Economic data out of China was encouraging, and showed that
manufacturing in December in the world's second-largest economy
grew at its fastest pace in 14 months, indicating the world
economy may be on the mend.
However, in Europe, the euro zone's manufacturing and
services sectors showed only small signs of improvement and
remained in contraction territory.
President Barack Obama and House of Representatives Speaker
John Boehner held a "frank" meeting Thursday to try to break an
impasse in negotiations over the "fiscal cliff," tax hikes and
spending cuts set to kick in early in 2013.
Frustration has mounted over the lack of progress in the
discussions, with market participants' worries reflected in a
0.6 percent drop in the S&P 500 on Thursday. Investors are
concerned that going over the cliff could tip the economy back
into recession. While a deal is expected to be reached
eventually, a drawn-out debate - like the one seen over 2011's
debt ceiling - can erode confidence.
S&P 500 futures rose 3.3 points 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 gained 35
points, and Nasdaq 100 futures added 3 points.
The consumer price index for November is due at 8:30 a.m. ET
(1330 GMT), while industrial production will be released at 9:15
a.m. ET (1415 GMT).
Shares of Adobe Systems were up 4.5 percent at
$37.13 in light premarket trading after the company said it
expected profit and earnings to grow from 2013 onwards.
Sprint Nextel Corp's $2.1 billion offer to buy out
Clearwire Corp appeared to be running into trouble on
Thursday, as some shareholders said they wanted more money,
while Softbank Corp set a cap on how much Sprint could
Apple's iPhone 5 will be released in China on
Friday but its longer-term hopes may depend on new technology
being tested by China's top telecoms carrier.
Shares of Apple were down 1.3 percent at $522.65 in premarket
The S&P 500 ended its six-day winning streak on Thursday,
retreating as worries intensified that Washington's fiscal
negotiations were dragging on with little progress.