* Nasdaq on track for biggest weekly fall since 2012
* Momentum stocks still in focus, pullback may not be done
* Red Hat profit beats expectations, but outlook weak
* Futures up: Dow 42 pts, S&P 5 pts, Nasdaq 14.25 pts
By Ryan Vlastelica
NEW YORK, March 28 U.S. stock index futures rose
on Friday, lifted by remarks from China's Premier Li Keqiang
that the Chinese government was ready to take steps to support
* Despite the gain implied by futures, major indexes are on
track for a negative week, with the Nasdaq set for its biggest
weekly decline since 2012 as investors sharply took profit in
high-growth names. Trading has been volatile throughout the
week, with sentiment largely driven by geopolitical uncertainty.
The S&P 500 turned nearly flat for the year on Thursday.
* The prospect of slowing growth in China, the world's
second-largest economy, has long been a market headwind. Recent
economic data has pointed to the weakest growth there since the
global financial crisis, raising hopes that Beijing would step
in with support.
* Keqiang said the government had the necessary policies in
place and would push ahead with infrastructure investment. "We
cannot neglect the increasing downward pressure and
difficulties," he said in a speech on Wednesday that was
reported by the Xinhua news agency early on Friday.
* Red Hat Inc reported fourth-quarter earnings that
beat expectations late Thursday, though the company gave a
full-year profit view that was below forecasts.
* BlackBerry reported an adjusted
fourth-quarter loss and revenue that was below expectations.
U.S. shares of the smartphone maker were halted in premarket
* S&P 500 futures rose 5 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 added 42
points and Nasdaq 100 futures rose 14.25 points.
* While the S&P lost most of its 2014 gains in Thursday's
session, the benchmark index managed to hold above the 1,840
level, which has recently acted as support.
* For the week thus far, the Dow is down 0.2 percent, the
S&P is down 0.9 percent and the Nasdaq is down 2.9 percent, its
biggest weekly decline since October 2012.
* Losses were concentrated in the Nasdaq as investors took
profit in some of the market's biggest outperformers, primarily
in the Internet and biotech space. Some analysts say the selloff
in "momentum" stocks has yet to run its course, though this
could benefit more value-orientated names. A move to such
companies helped limit the Dow's weekly decline.
* Investors were looking ahead to February personal income
and consumption data, due out at 8:30 a.m. EDT (1230 GMT). Both
are seen rising slightly. Also on tap is the final March read on
sentiment from the Thomson Reuters/University of Michigan
Surveys of Consumers. That report, scheduled for release at 9:55
a.m., is expected to show a rise to 80.5 from 79.9.
* Wal-Mart Stores Inc this week sued Visa Inc
for $5 billion, accusing the credit and debit card network of
excessively high card-swipe fees, several months after the
retailer opted out of a class action settlement between
merchants and Visa and MasterCard Inc.
* Trading on Friday and Monday may be influenced by the
first quarter drawing to a close as money managers engage in
"window dressing," adjusting positions to improve the look of
(Editing by Bernadette Baum)