S&P Set to Fall After Record Close

By MarketsFOXBusiness

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S&P 500 futures indicated the broad-market index would open below its record closing levels as traders eyed tepid economic data.

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Today's Markets

As of 8:40 a.m. ET, Dow Jones Industrial Average futures fell 11 points, or 0.07%, to 16262, S&P 500 futures fell 2 points, or 0.08%, to 1853 and Nasdaq 100 futures slumped 1.7 points, or 0.05%, to 3699.

The markets posted a solid performance on Thursday after Federal Reserve Chair Janet Yellen said the central bank will take its time in hiking rates and will only slowly pare back its bond purchases. The momentum faded somewhat Friday as traders braced for a slew of economic reports.

A report from the Commerce Department at 8:30 a.m. ET showed the U.S. economy grew at an annual pace of 2.4% in the fourth quarter, down sharply from a previous reading of 3.2%.

At 9:45 a.m. ET, investors will get a closely-watched regional manufacturing report, which is expected to indicate the Midwestern manufacturing sector grew at a substantially slower pace in February than the month prior. Later in the morning, at 9:55 a.m. ET, a key gauge of consumer sentiment is released. Lastly, a forward-looking gauge, looking at signed contracts to buy previously-owned homes, is out at 10:00 a.m. ET.

In corporate news, a German court chucked a $2 billion patent-infringement lawsuit that was filed against tech giant Apple (NASDAQ:AAPL). Jos. A. Bank (NASDAQ:JOSB) said it would meet with Men's Wearhouse (NYSE:MW) over its buyout offer.

Mt. Gox, which was once one of the largest bitcoin exchanges, filed for bankruptcy on Friday, saying it lost some half-a-billion dollars in people's holdings.

Elsewhere, U.S. crude oil futures fell by 2 cents, or 0.02%, to $102.38 a barrel. Wholesale New York Harbor gasoline dipped 0.43% to $2.75 a gallon. Gold fell slightly to $1,332 a troy ounce.

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