Stock futures were lower Friday morning as one again crude prices resumed their seemingly endless move upward. The market may also be agitated about further data upcoming about the housing market.
On Thursday, U.S. stocks ended higher two days of heavy losses as finally crude-oil futures retreated, giving some relief to the markets. The Dow industrials finished 24 points higher, or 0.19%, the Nasdaq Composite rose 16 points, or 0.67%, and the S&P 500 added 3 points, or 0.26%.
Only one economic report is due out today. April existing-home sales will be released at 10 a.m. EDT, and economists expect it to decline yet again.
Oil prices rose Friday, as supply concerns once again took center stage especially with growing global demand. After tumbling around $4 overnight from a record above $135 a barrel, light, sweet crude for June delivery was up $1.29 to $132.10 a barrel.
With the long weekend just around the corner, trading might be lighter than usual today. U.S. markets will be closed Monday for Memorial Day.
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MAJOR PAPERS:
Why do we have a weak dollar?
Holiday hiring slow for retailers
Closing Bell: What sell-off? (AIG, ABK, EPR, MBI, JAVA, ORCL, ERTS)
