Futures Fall Ahead Of Inflation Data |
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Fri, 16 Mar 2007 11:59
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NEW YORK (AP) - U.S. stock futures pointed to a moderately lower opening early Friday as investors awaited further data on inflation and as overseas markets fell.Dow Jones industrials futures expiring in June fell 24 points, or 0.20 percent, to 12,232, while Standard & Poor's 500 index futures slipped 2.50, or 0.18 percent, to 1400.90. Nasdaq 100 index futures fell 4.50, or 0.25 percent, to 1,760.25.A day after a key measure of inflation at the wholesale level took Wall Street by surprise with a higher-than-expected reading, many investors will be anxious for figures on consumer inflation. The Labor Department's February consumer price index is due before the opening bell Friday. Investors are concerned that increased inflation will make it harder for the Federal Reserve to justify a reduction in short-term interest rates. Inflation readings this week carry particular significance as the Fed's rate-setting committee meets next week.Also Friday, the Fed will report industrial production for February. Wall Street expects an increase of 0.3 percent compared with a drop of 0.5 percent in January. The central bank will also report February capacity utilization for February, which Wall Street expects will come in at 81.3 percent -- essentially flat with January.Preliminary March figures are due for the Reuters/University of Michigan consumer sentiment index. The market is forecasting a slight drop in the index from February.The readings come a day after stocks posted a moderate advance as signs of continued strength in corporate acquisitions helped offset concern about the increase in wholesale inflation.Stocks closed lower in Asia and in morning trading moved lower in Europe.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Stock futures point toward higher open 