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Futures Lower as Durables Disappoint

Stocks were set to open lower Friday after a reading on durable goods orders disappointed Wall Street.

Orders for long-lasting goods fell an unexpected 2.4 percent, causing stock index futures to surrender earlier gains.

Stocks also faced pressure after a disappointing earnings report from a technology leader.

Blackberry maker Research in Motion issued a report after the bell Thursday that fell short of Wall Street estimates, sending shares down more than 11 percent in premarket trading.

  • Dow 30: Extra-Hour Quotes
  • Pre-Markets/Futures Data
  • In early company news, Ford Motor shares moved higher premarket after the automaker said it expects to return to profitability in 2011 and will build a new $490 million plant in China to capitalize on expanded opportunities there.

    Goldman Sachs shares were headed higher. The company stands to benefit from new over-the-counter derivative and commodity trading rules, a Citigroup analyst said.

    And Allos Therapeutic shares jumped more than 7 percent after the small-cap drugmaker received Food and Drug Administration approval for its lymphoma treatment Folotyn.

    Wall Street's September rally has moved to the sidelines, at least for now, with stocks posting modest losses in each of the last two sessions.

    That also puts the major averages on pace for their first weekly loss in three as investors head into the Friday trading session. However, the Dow, the S&P 500, and the Nasdaq remain higher for the month of September, bucking historical trends that usually see this month as the worst one of the year for stocks.

    Thursday's trading turned on an unexpected drop in existing home sales, and there are a few key numbers on today's calendar which may also be market movers. The government is out with durable goods orders for August at 8:30 am New York time, with economists looking for a gain of 0.3 percent.

    The University of Michigan is out with its latest reading on consumer sentiment at 9:55 am, with a slight increase expected. And new home sales for August are out at 10 am, with consensus forecasts calling for a 1.6 percent increase over July.

    Keep in mind that economists were also expecting an increase in existing home sales yesterday, and instead saw a decline. That was considered the most important factor in turning the stock market's gains into losses.

    We'll be keeping an eye on the G20 summit once again, with President Obama set to speak with reporters at about 8:30 am.

    Fed Governor Kevin Warsh will deliver the keynote address to the Chicago Federal Reserve Bank's international banking conference in Chicago at 1:15 pm.

    - Peter Schacknow, senior producer, CNBC Breaking News Desk, contributed to this report.