Morning Briefing: 10 Things You Should Know
NEW YORK (TheStreet) -- Here are 10 things you should know for Friday, June 28:
1. -- U.S. stock futures were pointing to gains on Wall Street Friday on signs of a strengthening U.S. economy and as fears ebb that the Federal Reserve will taper its bond purchases soon.
European shares were trading mixed on Friday while Asian stocks ended the session higher. Japan's Nikkei 225 index rose 3.5% to 13,677.32. Industrial production in Japan rose 2% in May from April, the fourth straight monthly increase.
2. -- The economic calendar in the U.S. Friday includes Chicago PMI for June at 9:45 a.m. EDT, and the final University of Michigan Consumer Sentiment Index for June, also at 9:45 a.m.
3. -- U.S. stocks on Thursday rallied for a third straight day as U.S. jobless claims fell and Federal Reserve Gov. Jerome Powell said the economy was showing signs of finally turning around.
The S&P 500 gained 0.62% to close at 1,613.20. The index has risen 2.6% since Monday though it remains poised to decline 1% for June, which would make it the S&P's first monthly decline since October.
4. -- The Obama administration is assembling a shortlist of candidates for chairman of the Federal Reserve, in case Ben Bernanke won't seek reappointment when his second term at the central bank ends in January, The Wall Street Journal reported, citing people familiar with the matter.
There is no front-runner for the job, the people told the newspaper. They wouldn't divulge any names on the shortlist.
A selection might not be announced until early fall, the people said. Treasury Secretary Jacob Lew, along with senior White House officials, is putting together the list.
President Obama could try to persuade Bernanke to serve a third four-year term but many of the Fed chief's friends and associates say he is looking to step down, the Journal said.
5. -- BlackBerry
Analysts expect BlackBerry to earn 6 cents a share in the quarter on salesof $3.36 billion.
6. -- Jon Corzine was sued Thursday by the Commodity Futures Trading Commission which alleged that the former U.S. senator and governor of New Jersey, was responsible for the misuse of customer money while CEO of MF Global, which collapsed in 2011.
The civil lawsuit filed by the CFTC in Manhattan seeks to restrict Corzine's ability to trade investments and demands he pay unspecified penalties. Corzine faces a lifetime ban from the futures industry.
7. -- Nike
Revenue in the quarter rose 7% from a year earlier to $6.7 billion.
Nike said "future orders," or orders for Nike-branded shoes and clothing set for delivery between June and November of 2013, rose 8% globally and 12% in North America.
8. -- Google
The search giant also is preparing to release a second version of an Android-powered media-streaming device, called Nexus Q, that was unveiled last year but not sold to the public, the people told the Journal.