Stock Futures Up Ahead of Housing Data

By MarketsFOXBusiness

FOX Business: Capitalism Lives Here

U.S. stock-index futures advanced on Friday ahead of housing data in what was expected to be a quiet trading day ahead of the Memorial Day holiday.

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Today's Markets

As of 7:55 a.m. ET, Dow Jones Industrial Average futures climbed 10 points, or 0.06%, to 16538, S&P 500 futures advanced 1.5 points, or 0.07%, to 1892 and Nasdaq 100 futures rose 6 points, or 0.16%, to 3654.

The broad S&P 500 has once again climbed within striking distance of its all-time highs. The move comes as traders shake off geopolitical tumult in Europe and Asia.

The economic calendar is fairly light on the day. There is a report at 10:00 a.m. ET from the Commerce Department on sales of new homes. Economists forecast new homes sales to have ticked up to an annual rate of 425,000 units in April from 384,000 the month prior. The housing market is in the process of rebounding from a dip during the winter caused by unusually harsh weather.

On the corporate front, Hewlett-Packard (NYSE:HPQ) revealed mixed quarterly results just before the closing bell rang on Thursday. Shares of the blue-chip PC maker were little changed. Gap (NYSE:GPS) saw a steep 22% drop in its quarterly profits, but sales actually pushed slightly higher.

Traders also said they would be paying close attention to an election in Ukraine over the weekend. In particular, they said they would be watching Russia's response.

In commodities, U.S. crude oil futures rose 25 cents, or 0.25%, to $104 a barrel. Wholesale New York Harbor gasoline dipped 0.02% to $3.01 a gallon. Gold slumped $4.60, or 0.36%, to $1,290.

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