Bank shares in focus as futures barely budge
Stock index futures were little changed on Friday, with bank stocks in focus after bailed-out British lender Lloyds Banking Group Plc
Lloyds shares rose 9 percent in morning trading and led the sector higher in Europe.
The European Union's monetary affairs chief urged the bloc's leaders to agree on a standby aid package for Greece next week, but investors fear German reluctance could hinder the effort.
The biggest thing you could see moving the market today is headlines, the concern coming mostly from overseas, said Ethan Anderson, senior portfolio manager at Rehmann Financial in Grand Rapids, Michigan. There are not many catalysts to make the market move higher.
The U.S. market will have few external drivers Friday as no major companies will report earnings and no major economic data is due.
S&P 500 futures rose 1 point and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 2 points, and Nasdaq 100 futures dipped 0.25 points.
Palm Inc's
stock fell 20 percent to $4.52 in premarket trading a day after it warned that quarterly revenues would be far below expectations, as tepid demand for its smartphones left wireless carriers with piles of inventory.
Internet search giant Google Inc
Separately, Viacom Inc
Google shares edged down 1.8 percent to $556.25 in premarket trading.
Oil fell below $82 a barrel, extending the previous day's losses, as the U.S. dollar held onto gains against the euro amid worries over Greece's debt woes, and a rise in OPEC exports loomed.
Technology powerhouse Samsung Electronics Co Ltd <005930.KS> is targeting a higher operating profit and double-digit growth in sales in 2010, fueled by strong demand for its flat screens and memory chips.
Volume has been thin during the week and volatility has dropped considerably, with the CBOE Volatility Index <.VIX> down 5.5 percent so far this week and falling to its lowest since May 2008.
Friday marks the second day of a convergence known as quadruple witching, when four types of options and futures contracts expire, possibly triggering volatility and higher volumes.
The Dow industrials rose for an eighth consecutive session Thursday, led by a rise in Boeing Co's
(Editing by Jeffrey Benkoe)
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