Stock Futures Point to Higher Start
U.S. stock futures edged higher on Friday, the last trading day of the month as investors momentarily shrugged aside concerns surrounding both policy paralysis and some contradictory comments from Washington with regard to fiscal crisis to turn their attention towards economic data.
At 8:30 EST, a data on consumer-spending and personal income for October is scheduled to be released. According to Reuters, economists’ consensual estimate is for 0.2% rise in personal income but consumer spending is expected to remain unchanged.
Later at 9.45 EST, The Institute of Supply Management in Chicago will release its PMI Index—a gauge on manufacturing activities- for November. The Index is expected to show a reading of 50.5, up from 49.9 in October.
Shares of Zynga Inc. (NASDAQ: ZNGA) will be under focus on Friday. In its regulatory filing, Zynga disclosed that Facebook Inc. (NASDAQ: FB) has revised its two-year old terms; and accordingly, rules applicable to other game developers will also apply to Zynga. Zynga will be also be prohibited from driving away gamers from Facebook to its network Zynga.com. Zynga’s stock plunged 12.60 percent during aftermarket trading on Thursday.
According to Bloomberg news, sources familiar with the situation said that Citigroup Inc. (NYSE: C) is contemplating to slash 150 more jobs this quarter and lower bonuses by as much as 10% at its trading and investment bank unit.
Elsewhere in Europe, most indices gained on Friday with Pan European Stoxx 600 Index up 0.23%. Asian equities also ended higher on Friday with Hang Seng gaining 0.49% for the day.
In some other markets, crude oil futures gained 0.11% to $87.17 a barrel while U.S. gold futures inched up 0.16% to $1,732.20 an ounce