Wall Street heads for lower start after breather . . . . . . . . . . U.S. stock futures fell early Friday, ahead of data that could show a rise in consumer spending, and confidence dropping, after ending higher for the first time in six days on Thursday. Investors are also awaiting remarks from a few Federal Reserve officials, but were increasingly cautious going into the weekend over fears of a looming government shutdown. Despite the gains on Thursday, Wall Street was headed lower today, less than three hours before the start of trading. Futures for the Dow Jones Industrial Average lost 0.308% to 15214 points. The S&P 500 index futures dropped 0.390% to 1685.90 points. The NASDAQ 100 futures were 0.302% lower at 3216.25 points. As of 07:10 a.m. ET The Dow Jones industrial average , S&P 500 and NASDAQ ended slightly higher. The Dow and S&P 500 are about 2% from the record highs hit just last week. August consumer spending data will be released at 8:30 a.m. EDT, and economists forecast spending to rise to 0.3% after a slim gain of 0.1% in July. If the spending rise comes in smaller than expected, it could suggest a drop-off in economic growth. The University of Michigan/Thomson Reuters consumer sentiment index, meanwhile, is projected to fall to a final September reading of 78 from 82.1 in August, when it is released at 9:55 a.m. EDT. A preliminary reading showed the index dropping to 76.8. Fiscal, Monetary Pressure Three Fed speakers also hit the tape: Chicago Fed President Charles Evans , was talking in the early hours from Norway, while Boston Fed President Eric Rosengren will comment on stable funding at 8:30 a.m. EDT. New York Fed President William Dudley will speak at 2 p.m. Eastern in Syracuse. Kansas City Fed President Esther George said late Thursday that the delay in tapering the Fed`s $85 billion-per-month bond-buying program discounts real progress made in the labor market and the potential costs of the program. Ms. George has dissented in every meeting she`s voted in. But a potential shutdown for the U.S. government by Monday was largely behind the weight on sentiment on Friday and futures falls. Fears the Treasury will hit the debt ceiling by mid-October only added to investor worries. On the corporate front, BlackBerry Ltd. shares could be active as the smartphone maker is due to release quarterly results amid expectations that have been ratcheted down. Shares of Nike Inc. gained in premarket after the sportswear maker topped earnings forecasts late Thursday. #egyptyard
Posted on: Fri, 27 Sep 2013 15:18:54 +0000
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