Stock Futures Barely Budge as Investors Watch G-20 Meeting
NEW YORK ( TheStreet) -- Stock futures were little changed Friday as investors processed a better-than-expected Empire State manufacturing survey while awaiting more U.S. economic data and headlines from a weekend meeting of the G-20.
Futures for the Dow Jones Industrial Average were falling 8 points, or 3.39 points below fair value, at 13,942. Futures for the S&P 500 were down 0.5 point, or 0.53 point below fair value, at 1,518. Futures for the Nasdaq were up 1.75 points, or 0.12 point above fair value, at 2,769.
"I think people will just hold their positions" ahead of the long weekend, Keith Bliss, senior vice president of Cuttone, told TheStreet late Thursday. "We're not going to see much out of the options expirations or any kind of data we get
U.S. markets are closed Monday for Presidents Day.Bliss said late Thursday, as the S&P 500 tracked a five-year high, that he was "quite amazed" it was staying up there. "There's a lot of internal indicators inside the market that tell me the price action is broken and we should be pulling back but there's so much money plowing into the equity markets that people are chasing return and that's why we're up here," he said.
Major U.S. stock averages ended little changed Thursday amid a number of high-profile corporate deals and better-than-expected jobs data.
"U.S. data today is seen with a softer tone," said Paul Donovan, global economist at UBS. "Industrial production will be tempered by mining output, and the University of Michigan consumer sentiment has seemed to be more sensitive than other measures to the impact of higher taxes at the start of the year."
The New York Empire State manufacturing survey showed a reading of 10 for February, above expectations for a flat read and up from negative 7.8 in the prior month.
At 9:15 a.m., the Federal Reserve is expected by economists to report that industrial production rose 0.2% in January after increasing 0.3% in December. Capacity utilization is expected to have increased to 78.9% from 78.8%.
The University of Michigan Consumer Sentiment Index is forecast to show a read of 73.5 versus a previous 73.8.
Finance ministers of the G-20 nations were meeting in Moscow Friday amid widespread concerns of rising risks of currency wars, with the Japanese yen's depreciation one of the areas of focus amid Japan's aggressive monetary policy.
In the U.S., sequestration talks in Washington continued Thursday, with Senate Democrats proposing a $110 billion combination of spending cuts and tax increases to avoid automatic spending cuts that kick in at the beginning of March. However, the Republicans objected to a rise in tax rates or other measures to generate more tax revenue.