US Futures Slightly Higher - Street Readies For Facebook

Futures on major U.S. indices point to a slightly higher opening on Friday ahead of the commencement of public trading of Facebook.

Futures on the S&P 500 are up 0.2 percent, futures on the Dow Jones Industrial Average are up 0.2 percent and Nasdaq 100 futures are up 0.3 percent.

The public trading of Facebook, which has raised $16 billion in its historic IPO at $38 per share, will begin on Friday on the Nasdaq exchange. Facebook, which first achieved profit in 2009 when it earned $229 million on $777 million in sales, could be valued as high as $104 billion. At the end of 2011, the company had $3.9 billion in cash and marketable securities, up from $1.8 billion at the end of 2010.

U.S. stocks plunged to a four-month low on Thursday, weighed down by the weak economic data and the debt crisis threatening the euro zone. The Dow Jones industrial average fell 1.24 percent, the S&P 500 Index dropped 1.51 percent and the Nasdaq Composite Index plunged 2.10 percent.

On Thursday, Moody's Investors service cut the ratings of 16 Spanish banks, including Banco Santander and BBVA, which are the country's two largest banks. It cited the weakening of the government's ability to support some banks in the crisis situation and the country falling to recession in the first quarter as reasons for such a decision.

Greece, which is currently run by a caretaker government, is waiting for new elections to be held in June. Euro zone policymakers could withdraw the rescue package and refuse to provide emergency loans for the Greek banks until Greece adheres to the bailout terms. Greece would then face devastating bank runs, prompting the collapse of its banking system and an exit from the euro zone.

All the major European indices were trading in the red Friday following the increasing concerns of the euro zone debt crisis. London's FTSE 100 index fell 43.46 points, Germany's DAX 30 declined 48.98 points and France's CAC 40 dropped 19.96 points.

Asian stock markets slumped Friday, following the plunge in Wall Street on Thursday as investor sentiment was dampened by weaker-than-expected U.S. economic data and aggravating the euro zone crisis.