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Futures Point Lower as Dollar Firms

Stocks were poised for a lower opening as Wall Street looked to continue momentum from a positive earnings-inspired week.

The market has been staking much of its gains on the backs of a weak dollar, but that trend reversed itself Friday after the market looked on remarks from Fed Chairman Ben Bernanke as indicative that the greenback could be getting support soon.

  • Dow 30: Extra-Hour Quotes
  • Pre-Markets/Futures Data
  • It's a quiet Friday as far as news flow is concerned, with the only economic report showing the trade balance for August showing a surprise drop to $30.71 billion against expectations of a $33 billion deficit. Futures added to losses on the report.

    Citigroup shares fell more than 1 percent after a Wall Street Journal report said the Federal Deposit Insurance Corp is questioning a positive government review of the company's management in the aftermath of the financial crisis.

    Friday marks a notable anniversary on Wall Street: it was two years ago - on October 9, 2007 - that both the Dow and the S&P 500 finished at their all-time closing highs. The Dow finished that day at 14,164.53, while the S&P 500 closed at 1565.15.

    While those averages are still currently about 30 percent below that level, they're also about 50 percent ABOVE their lows reached back in March, and they're also about to complete their best week in some time, depending on Friday's results.

    At the moment, the Dow, the S&P 500, and the Nasdaq are on pace for their best weekly percentage gains since the week ending July 24.

    At 12:15 pm, Federal Reserve Vice Chairman Donald Kohn will give a speech on monetary policy in Washington. That follows a speech late yesterday by Fed chairman Bernanke, who repeated that at some point, the Fed will have to withdraw its extremely accommodative monetary policy, but that low rates are likely to be in place for some time to come.

    There are no earnings reports of note on the day's calendar.

    The dollar and gold will most certainly bear watching. After reaching a 14-month low Thursday, the dollar has been getting a boost as the world's central banks intervened by buying the U.S. currency. That's resulted in gold backing off the record highs reached Thursday.

    In corporate news, General Motors may complete a deal as early as today to sell #