U.S. equity futures traded lower Friday, following Thursday’s rally.
The major futures indexes suggest a decline of 0.3% when the bell rings on Wall Street.Oil prices edged up on Friday after stronger-than-expected U.S. economic growth report.
U.S. crude traded around $81.00 per barrel.
Brent futures traded around $87.00 a barrel.
Intel shares are down more than 9% in premarket trading after the company said it expects to lose money in the current quarter, surprising investors with a bleaker-than-expected outlook for both the PC market and slowing growth in its key data center division.
Chevron and American Express headline Friday’s earnings.
The big economic focus will be personal income and spending for December.
Spending is expected to slip 0.1% month-over-month after a 0.1% gain in November. Personal income, meantime, is expected to rise 0.2%, half the 0.4% pop in November.
The PCE Price Index rose 0.1% in November and was up 5.5% annually. The Fed bases its 2% inflation target on the annual change in the PCE Price Index.
Other reports include consumer sentiment and pending home sales.
In Asia, Japan’s benchmark Nikkei 225 rose nearly 0.1% and Hong Kong’s Hang Seng rose 0.5%. Markets remained closed in Shanghai for the Lunar New Year holidays.
Stocks climbed on Wall Street to their highest level in nearly eight weeks after the Commerce Department reported the U.S. economy expanded at a2.9% annual pace in the last quarter.
The S&P 500 climbed 1.1% to clinch its highest finish since Dec. 2, at 4,060.43. The Dow climbed 0.6% to 33,949.41, and the Nasdaq composite gained 1.8% to 11,512.41.