4:35AM Stocks prepped for a step down
Stocks were set to open slightly lower Friday as investors appeared to take a wait-and-see attitude toward the markets.
Dow Jones industrial average (INDU), Nasdaq (COMP) and S&P 500 (SPX) futures were down. Futures measure current index values against perceived future performance.
The major indexes are higher for the week going into the final session. The Dow and S&P are up more than 2% so far, while the Nasdaq has gained nearly 3%.
Stocks recovered from early losses Thursday to close higher as a rally in commodity and consumer shares offset a batch of mixed economic reports. Investors also welcomed positive developments out of Europe, where an auction of Spanish bonds received strong demand.
With no major economic reports on the agenda, the market could be in a holding pattern as investors look ahead to next week.
Next week brings reports on gross domestic product, housing and durable goods. In addition, the Federal Reserve's Open Market Committee will hold a two-day policy meeting, with an announcement about interest rates due on Wednesday.
Economy: The Labor Department will release a report on state unemployment levels at 10 a.m. ET.
World markets: European shares advanced in early trading. Britain's FTSE 100 rose 0.5%, the CAC 40 in France gained 0.3% and Germany's DAX was up 0.3%.
In Asia, Japan's Nikkei ended down a few points, but Hong Kong's Hang Seng finished with a gain of 0.7%.
Dollar and commodities: The euro, British pound and Japanese yen were slightly higher against the dollar.
U.S. light crude oil for July delivery dipped 40 cents to $76.39 a barrel.
COMEX gold's August contract fell $3.70 to $1,245 per ounce. Gold closed Thursday at a record high of $1,248.20 per ounce.
Bonds: Treasury prices slipped, as the 10-year note's yield rose to 3.21% from 3.20% the day before. Bond prices and yields move in opposite directions. To top of page
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