* HP dips in premarket after results, job cut plans
* Aeropostale stumbles before the bell after outlook
* New home sales data due
* Futures up: Dow 12 pts, S&P 1.75 pts, Nasdaq 5.25 pts
By Chuck Mikolajczak
NEW YORK, May 23 U.S. stock index futures inched
higher on Friday, ahead of data on the housing market, with the
S&P 500 on track to score its first weekly gain in the past
* New home sales data for April is due at 10:00 a.m. (1400
GMT). Expectations call for sales of single-family homes to
climb to 425,000 units from the seasonally adjusted annual rate
of 384,000 units in the prior month.
* The S&P 500 ended higher for a second session on Thursday,
as gains in small-cap stocks help buoy investor confidence,
while the Nasdaq climbed on a rally in biotech shares. The
benchmark S&P index has climbed in four of the past five trading
days and is up 0.8 percent for the week.
* The S&P is 0.5 percent from its record intraday high of
1,902.17 set on May 13 and 0.3 percent from its record closing
high of 1,897.45 set on the same day. The index has been
range-bound between the highs and its 50-day moving average as
investors have been unsure of the pace of the economic recovery.
* Volume is expected to be light Friday ahead of an extended
holiday weekend, with Wall Street closed Monday for Memorial
* S&P 500 e-mini futures rose 1.75 points and were
slightly 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 e-mini
futures gained 12 points and Nasdaq 100 e-mini futures
added 5.25 points.
* Hewlett-Packard Co dipped 0.4 percent $31.64 in
premarket after it reported quarterly results and said it may
cut as many as 16,000 more jobs in a major ramp-up of CEO Meg
Whitman's years-long effort to turn around the personal computer
maker and relieve pressure on its profit margins.
* Aeropostale tumbled 16.8 percent to $3.76 before
the opening bell after the teen apparel retailer forecast a
bigger-than-expected loss for the current quarter.
* European shares edged lower, moving further away from last
week's six-year highs with investors trading cautiously ahead of
European and Ukrainian election results.
* Asian shares edged up to one-year highs on Friday as
investors welcomed signs of improving momentum in the world's
(Editing by Bernadette Baum)