| Investors on edge waiting for Greek bailout |
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| Friday, 17 February 2012 06:32 |
![]() Click the chart for more premarket data. NEW YORK (CNNMoney) -- U.S. stocks were headed for a flat open Friday, after finishing at multi-year highs, as investors hesitated to make big bets before Greece secures a second bailout to avoid a default. The Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were mixed ahead of the opening bell. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET. Investors are optimistic that European finance ministers will sign off on Greece's latest economic reform proposal when they meet on Monday. Their approval is needed in order for Greece to receive bailout funds and avoid default on a €14.5 billion bond redemption in March. Moves in the market could be muted Friday, as investors take a breath going into weekend ahead of Monday's big meeting -- especially with the Dow finishing at its highest level since May 2008 on Thursday, and the Nasdaq at a decade high. World markets: European stocks were modestly higher in morning trading. Britain's FTSE 100 (UKX) added 0.3%, the DAX (DAX) in Germany rose 0.9% and France's CAC 40 (CAC40) gained 1%. Asian markets ended higher. The Shanghai Composite (SHCOMP) edged up slightly, the Hang Seng (HSI) in Hong Kong rose 1% and Japan's Nikkei (N225) popped 1.6%. Economy: The government is due to release inflation data for January, while the Conference Board is on tap to release its Leading Indicators Index for last month. The Consumer Price Index is expected to show that inflation ticked up by 0.3%, after holding steady in the two months prior. The Leading Indicators Index is expected to tick up by 0.5%, after increasing by 0.4% in the month prior. Companies: Corporate earnings on tap include food producers H.J. Heinz (HNZ, Fortune 500) and Campbell's Soup (CPB, Fortune 500). Campbell's Soup is expected to report quarterly earnings of 62 cents a share on $2.1 billion in revenue, according to a survey of analysts by Briefing.com. Heinz is projected to post $2.9 billion in revenue and earnings of 85 cents a share. Currencies and commodities: The dollar edged lower against the euro and the British pound, but rose versus the Japanese yen. Oil for March delivery gained 25 cents to $102.56 a barrel. Gold futures for April delivery rose $3.40 to $1,731.70 an ounce. Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 2% from 1.99% late Thursday. |
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