Futures Trade Mixed Amid G20 Meeting
U.S. stock index futures were narrowly mixed Friday as investors hesitated to jump in as finance ministers and central banks from the Group of 20 met in Moscow amid growing worries over a currency war.
On the economic front, manufacturing in New York state rose to 10.0 from -7.8, according to the New York Federal Reserve, gaining for the first time since July. Economists expected a reading of -2.0. Still, the report had little effect on futures.
Industrial production unexpectedly slipped 0.1 percent in January, according to the Federal Reserve, dragged by weak manufacturing and mining, Economists surveyed by Reuters expected a gain of 0.2 percent.
Meanwhile, Angel Gurria, secretary general for the OECD (Organization for Economic Co-operation and Development) dismissed concerns about competitive currency devaluations, which originally came into focus when Japan's new leadership launched a program of aggressive monetary stimulus, causing the yen to plummet.
"There is no currency war. We are furthest away today from a currency war than we were two or three years ago," Gurria told CNBC on Friday.
"We are fighting an old war. Today we should be concentrating on productivity, be concentrating on competitiveness and we are being distracted by this currency discussion."
Among earnings, Campbell Soup posted earnings that topped expectations, thanks to its recent acquisition of Bolthouse Farms.
Kraft Foods Group declined after the company said it anticipated below-consensus earnings for the fourth quarter, though it raised its full-year outlook for 2013.
Herbalife soared after widely-followed investor Carl Icahn said in a regulatory filing that he bought 14 million shares of the weight-loss and nutrition-supplement company, giving him a 12.98 percent stake.
Also on the economic front, consumer sentiment is expected to be reported at 9:55 am ET. Consumer sentiment is expected to be slightly higher at 74.8 in February, compared with 73.8 in January, according to a Reuters survey.
"We expect some of the latest weakness in consumer confidence, probably due to the expiry of the payroll tax cut, to be reversed in February," wrote Amna Asaf, an economist at independent research firm Capital Economics. "History suggests that the effects of tax changes on consumer confidence are short-lived. In 2010, the rise in sentiment, due to lower taxes, was reversed in the next few months."
—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)
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FRIDAY: Industrial production, Fed's Pianalto speaks, consumer sentiment, e-commerce retail sales, credit card default rates reported
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