FOX Business: Capitalism Lives Here
U.S. stock-index futures were little changed Friday, suggesting the broad S&P 500 will likely open around its highest level since 2007. Traders mulled trade data and watched shares of Boeing and Wells Fargo.
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As of 8:40 a.m. ET, Dow Jones Industrial Average futures rose 1 point to 13407, S&P 500 futures climbed 0.75 point to 1468 and Nasdaq 100 futures rose 1.3 points to 2738.
Wall Street has started the year off in a big way, with the S&P 500 pushing its highest levels since late 2007 -- well before the financial crisis that sent markets tumbling. The main catalyst for the early-year push was Congress moving to avert the fiscal cliff. Now, market participants are getting a chance to focus on the economy and the state of U.S. corporations.
The Commerce Department said the U.S. trade deficit widened by 15.8% in November from October to $48.7 billion, bringing the trade gap to its widest level since April. The deficit was expected to fall to $41.3 billion. A separate report showed U.S. import prices falling 0.1% in December, compared to economists' expectations of a 0.1% gain. Export prices also fell 0.1%, but were expected to remain unchanged.
On the corporate front, traders are expected to pay close attention to Boeing (NYSE:BA). Worries have mounted recently after a series have issues have occurred regarding its highly-lauded 787 "Dreamliner" jet. The FAA is reportedly set to begin a comprehensive review of the plane, which has already been the subject of significant manufacturing delays.
Wells Fargo (NYSE:WFC) posted fourth-quarter earnings of 91 cents a share on revenue of $21.9 billion, topping expectations of 89 cents on $21.3 billion.
Best Buy (NYSE:BBY) said its holiday-season revenues fell 0.4% this year to $12.8 billion, while comparable-store sales dipped 1.4%.
Energy futures were in the red. The benchmark oil contract fell 72 cents, or 0.77%, to $93.11 a barrel. Wholesale New York Harbor gasoline sold off by 1.7% to $2.746 a gallon. In metals, gold fell $10.50, or 0.63%, to $1,667 a troy ounce.
The Euro Stoxx 50 rose 0.14% to 2712, the English FTSE 100 climbed 0.2% to 6114 and the German DAX gained 0.13% to 7719.
In Asia, the Japanese Nikkei 225 rallied 1.4% to 10802 and the Chinese Hang Seng fell 0.39% to 23264.
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