Stock Futures Mixed on Persistent Eurozone Worries
NEW YORK (TheStreet) -- Stock futures were trading mixed Friday as the relief brought on by comforting eurozone remarks from Italy's prime minister started fading.
The impending U.S. "fiscal cliff" was also weighing on investors' minds.
Futures for the Nasdaq were up 1.7 points, or 7.8 points above fair value, at 2538.
Stocks pared losses in late trading to finish mixed Thursday as uncertainty about the eurozone persisted.
The euro bounced off a 22-month low against the dollar after Italian Prime Minister Mario Monti said Greece will likely remain in the eurozone and that most European Union leaders at their meeting in Brussels this week supported jointly-issued eurobonds. But it soon trimmed gains, with big investors remaining restless over the uncertainty in Greece. The Financial Times reported that some of Europe's largest fund managers were dumping their euro assets.
Focus also sharpened on Spain's banking sector, with shares of part-nationalized financial institution Bankia halted ahead of a board meeting to discuss the final amount of aid it will require from the Spanish government.
London's FTSE was down 0.3% and the DAX in Germany was up 0.1% -- losing steam.
Commodities were cutting about a third of their gains with the July crude oil contract up 28 cents at $90.94 a barrel and June gold futures rising $3.80 to $1,561.30 an ounce.
The Thomson Reuters/University of Michigan final index of consumer sentiment is due for release at 9:55 a.m. EDT. Economists in a Reuters poll predict reading of 77.8, a repeat of the preliminary May reading.