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Morning Briefing: 10 Things You Should Know

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NEW YORK (TheStreet) -- Here are 10 things you should know for Friday, June 14:

1. -- U.S. stock futures were pointing to a lower open on Wall Street as investors paused ahead of a handful of economic releases Friday and anticipated the Federal Reserve's policy announcement next Wednesday.

2. -- The economic calendar in the U.S. Friday includes the Producer Price Index for May at 8:30 a.m. EDT, industrial production and capacity utilization for May at 9:15 a.m., and the University of Michigan sentiment index for June at 9:55 a.m.

3. -- Major U.S. stock markets rose Thursday on better-than-expected consumer spending and labor market reports which offset concern the Federal Reserve may curb its monetary stimulus program.

The S&P 500 advanced 1.5% to close 1,636.36, its second-biggest daily gain in 2013. The Dow Jones Industrial Average gained 1.21% to 15,176.08 while the Nasdaq added 1.32% to 3,445.37.

4. -- President Obama authorized lethal aid to Syrian rebels fighting Syrian President Bashar al-Assad, U.S. officials said Thursday.

The move marks a major policy shift and a deepening of U.S. involvement in the two-year civil war, and it comes after the White House confirmed it had evidence that Assad's regime used chemical weapons against opposition forces.

5. -- Smithfield Foods is expected by Wall Street to report on Friday fourth-quarter earnings of 43 cents a share on revenue of $3.27 billion.

Smithfield announced in late May it reached a deal to be acquired by China's Shuanghui for $4.7 billion.

6. -- Institutional Shareholder Services, the proxy advisory firm, urged Clearwire shareholders on Thursday to vote against Sprint's offer of $3.40 a share for Clearwire shares it doesn't already own.

A day earlier, Clearwire's board recommended that shareholders approve a buyout offer from Dish Network , reversing its earlier stance to support Sprint's takeover bid.

7. -- Smith & Wesson , the guns maker, said it expects fiscal fourth-quarter earnings of 44 cents a share, above Wall Street estimates of 40 cents a share.

The company said its fourth-quarter sales would rise 38% from a year earlier to $179 million.

8. -- The Airbus A350 passenger jet took off on its maiden flight Friday, setting the stage for increased competition with rival Boeing in the marker for long-haul wide-body aircraft.