Before the Bell: Futures Advance Ahead of Data

Posted Mar 12th 2010 8:30AM by Melly Alazraki
Filed under: Before the Bell, International Markets, Pfizer (PFE), Market Matters, Federal Reserve, Potash Corp. of Saskatchewan (POT)

U.S. stock futures advanced Friday morning, indicating Wall Street is ready to continue climbing higher as investors await economic data, including reports on retail sales and consumer confidence. U.S. stocks gained Thursday for the third straight session with S&P 500 finishing at 17-month high.

On Friday, several economic reports could set the tone. At 8:30 a.m. Eastern, February retail sales figures are due. Economists expect to see that sales fell 0.2% in February, following a 0.5% dip in January, according to Briefing.com. These readings, some economists say, may be distorted due to the weather in February, mostly the snowstorms.

Following retail sales, shortly after the markets open, the University of Michigan will release its preliminary consumer sentiment index for March. Economists forecast sentiment will rise to a reading of 74, from 73.6 in the previous month.

Then, at 10:00 a.m., the Census Bureau will report on January business inventories. Economists are looking for a rise of 0.1% after inventories slid 0.2% in December.

Meanwhile, media reports suggest that President Barack Obama intends to nominate Janet Yellen, the president of the Federal Reserve Bank of San Francisco, to take over as vice chairman of the Federal Reserve -- the second highest ranking Fed official. Yellen's policies are considered to be more concerned about high unemployment than rising inflation.

Overseas, while Asian stocks were mixed, European stock markets rose Friday after strong industrial production figures for January stoked hopes that the recovery from recession may be stronger than previously thought.

Among stocks in the news, Potash Corp of Saskatchewan (POT) shares jumped over 6% ahead of the bell after the company raised its earnings outlook. Pfizer (PFE), meanwhile announced two late-stage trials failed and the company stopped a third one that didn't look promising.

Print this