(RTTNews) - U.S. stock futures point to a higher opening Friday morning, as traders look to extend gains for the second successive day following the sharp rally in the previous session on optimism that the recent crisis in Europe will not dent hopes of a sustainable economic recovery in the medium term. Economic data related to retail sales, business inventories and Michigan Sentiment might decide the further direction of the market. Positive trading across world markets on Wall Street cues might also lift market sentiment in early session, while profit taking in late session on last trading day of the week might not be ruled out.
As of 6.15 a.m ET, the Dow futures were up 18.00 points, the S&P 500 futures were up 2.50 points, and the tech-heavy Nasdaq 100 futures were up by 4.00 points.
On the economic front, the Census Bureau of the Department of Commerce will release retail sales data for May at 8.30 a.m. ET. Economists expect that retail sales increased 0.2% for the month following the 0.4% gain in the previous month, while retail sales, excluding autos, rose by 0.1% during May.
At 9.55 a.m. ET, the results of the University of Michigan's survey of consumer sentiment index for June will be released. Economists expect that the index advanced to 74.5 from 73.6 reported in the previous month.
At 10.00 a.m ET, the Commerce Department will release results of business inventories for April. Economists expect the Commerce Department to state that business inventories increased 0.5% during the month, following the 0.4% rise in March.
Traders will also react to the announcements/results made after the markets closed for trading in the previous session.
Chipmaker National Semiconductor Corp. (NSM) said that it swung to a fourth quarter profit, helped by higher sales, improved margins and fewer restructuring charges. The company's quarterly earnings per share came in above analysts' expectations as did its quarterly sales. At the same time, the company forecast first quarter sales above analysts' current consensus estimate.
Oil Light sweet crude oil for July delivery is presently quoted at $74.84 a barrel, down $0.64 a barrel from its previous close of $75.48 a barrel in New York on Thursday.
Dollar The U.S. dollar is presently gaining against the yen and the pound, but showing choppy trading against the euro.
World Markets The Asian markets ended the trading session in positive territory on Friday.m the last trading day of the week, taking cues from Wall Street, where the major averages ended with sharp gains in the previous session on bargain hunting at lower levels. Higher commodity prices, and optimism that the global economic recovery might be sustained following positive economic data in US and China also lifted market sentiment. The markets across Europe are presently trading in positive territory.
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