Stock Market Today: Futures Rise Despite Malaysia Air Crash, Gaza Invasion
NEW YORK ( TheStreet) -- U.S. stock futures were rising Friday as investors bought equities following the prior session's geopolitical risk-driven pullback.
Futures for the Dow Jones Industrial Average were up 21 points, or 51.19 points above fair value, to 16,958. Futures for the S&P 500 were up 4.5 points, or 5.98 points above fair value, to 1,958. Futures for the Nasdaq were up 10.3 points, or 15.74 points above fair value, to 3,886.3.
Benchmark stock indices slid into the close Thursday after the markets were rattled by news that a Malaysia Airlines jet was shot down over Eastern Ukraine, killing all 298 people on board. European markets were playing catch-up Friday, tracing New York and Asia down.
Bloomberg reportd that U.S. military and intelligence officials are saying that the plane appears to have been downed by a Russian-made, air-defense missile known as the SA-11 or Buk. As Russia and Ukraine continued to blame one another for the tragedy, it remains unconfirmed who fired the missile at the airliner or whether those responsible knew they were shooting at a commercial flight, Bloomberg reported.
Adding to market stressors is Israel's launch of a ground invasion of Gaza. Israeli troops and heavy equipment have been rolling across the border with the aim of destroying Hamas infrastructure.
U.S. economic indicators scheduled for Thursday include July's University of Michigan Consumer Sentiment Index at 9:55 a.m. EDT, and the Conference Board's Index of Leading Indicators for June at 10 a.m.
Corporate headlines Thursday are focusing on stocks including AbbVie
AbbVie, the U.S. drugmaker, reached a deal to buy Irish pharmaceutical firm Shire for almost $55 billion. Google's second-quarter adjusted earnings of $6.08 a share missed analysts' forecasts but revenue rose 21.7% from a year earlier to $15.96 billion. Analysts expected revenue of $15.61 billion. General Electric reported on Friday second-quarter earnings of 39 cents a share on revenue of $36.2 billion. IBM said second-quarter profit rose 28% and topped analysts' expectations.
Hewlett-Packard CEO Meg Whitman will assume the title of chairman after the departure of interim chairman, Ralph Whitworth, who resigned to deal with health issues. FedEx has been charged by federal authorities with assisting illegal pharmacies by knowingly delivering painkillers and dangerous drugs to customers without prescriptions. Appleappointed Susan Wagner, a founding partner of money manager BlackRock, as a director, replacing Bill Campbell, who sat on the board of the iPhone maker for 17 years.
Amazon introduced "Kindle Unlimited" on any device for $9.99 a month.
-- Written by Andrea Tse in New York
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