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Futures Gain as Dollar Falls Ahead of Open
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Stock futures gained ahead of the open on the Friday before the Memorial Day holiday as the dollar fell, and after news on personal income and spending that was largely in line with expectations.
Rising metal prices pushed mining companies' shares higher, while a report that European banks might be able to avoid higher capital rules imposed by Basel III helped bank stocks.
Gold advanced as a report said Chinese imports were likely to surge, heating up the debate between bulls and bears.
Treasurys' yields fell as buyers rushed in, spooked by Europe's debt crisis and by the prospect of a weaker than expected US economy. Now buyers of U.S. bonds bank on growth stalling, Analysts told CNBC.com.
The Group of Eight world leaders said the recovery was becoming more self-sustained but commodity prices and debt were still a concern.
Personal income and personal spending rose 0.4 percent in April, the Commerce Department reported. Personal income had been up 0.4 percent in March, and April's gain was expected, while spending was up less than expected in April, after rising 0.5 percent in March.
The final reading of the Reuters/University of Michigan consumer sentiment survey will be released at 9:55 a.m. No change is expected. Pending home sales figures for March will be out at 10 a.m.
In earnings news, Marvel Technology [MRVL
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Medco Health Solutions [MHS
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Elsewhere, eBay [EBAY
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On Tap Next Week:
MONDAY: Memorial Day—All Markets Closed.
TUESDAY: S&P Case-Shiller Home Price Index, Chicago PMI, consumer confidence, farm prices.
WEDNESDAY: Mortgage applications, Challenger job-cut report, ADP employment report, ISM manufacturing index, construction spending, auto sales; D9: All Things Digital Conference.
THURSDAY: Chain store sales, jobless claims, factory orders, natural gas inventories, oil inventories, money supply.
FRIDAY: Non-farm payroll report, ISM non-manufacturing index; Wal-Mart shareholder meeting.
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Data is a real-time snapshot *Data is delayed at least 15 minutes
