By Sara Sjolin, MarketWatch
Hewlett Packard Enterprise shares drop premarket
Wall Street stocks looked set for a lower open on Friday,
jeopardizing the Dow's record-setting streak as investors hunted
for cues that could push equity benchmarks higher to end the
week.
Futures for the Dow Jones Industrial Average slid 82 points, or
0.4%, to 20,715. The Dow's gain on Thursday was its 10th in a row
as well as its 10th straight record closing high
(http://www.marketwatch.com/story/dow-eyes-10th-day-of-gains-as-us-stock-futures-rise-on-back-of-oil-rally-2017-02-23)--the
longest such streak since 1987.
Futures for the S&P 500 fell 10.55 points, or 0.4%, to
2,352.50 on Friday, while those for the Nasdaq-100 lost 29 points,
or 0.5%, to 5,303.
"Fresh record highs in the U.S. stock markets are no longer
surprising. [On the] contrary, they gradually increase the anxiety
in the market. Nobody knows when and how the reflation story [will]
end," said Ipek Ozkardeskaya, senior market analyst at London
Capital Group, in a note.
In Thursday's action, the S&P 500 managed to eke out a 0.99
point gain, while the Nasdaq Composite ended 0.4% lower, pressured
by Nvidia Corp. (NVDA) and Tesla Inc. (TSLA).
For the holiday-shortened week, both the Dow and S&P were
set for gains as of Thursday's close, while the Nasdaq was eyeing a
weekly loss.
"Biding their time": Premarket trading was muted with little in
the way of top-tier earnings reports or economic releases ahead on
Friday.
"It is conceivable that market participants are biding their
time at this point, waiting for next week's Fed speeches from Fed
Chairwoman Yellen and [Federal Open Market Committee] member
Fischer," said Konstantinos Anthis, markets researcher at ADS
Securities, in a note. Federal Reserve chief Janet Yellen and Fed
Vice Chairman Stanley Fischer are slated to speak on Friday next
week.
Anthis said President Donald Trump's highly anticipated address
to Congress on Feb. 28 also is on investors' minds. The president
is expected to provide details on his highly anticipated tax reform
proposals during that address.
Investors will be listening to hear whether Trump will keep up
his "highly optimistic tone" on his proposed reforms, or whether he
will try to manage expectations, as Treasury Secretary Steven
Mnuchin appears to be doing, he said.
"If we don't get further detail by the time President Trump
addresses a joint sitting of Congress on Tuesday, 28th February,
then the rally that we've seen in the past three months could
become susceptible to some profit-taking," said Michael Hewson,
chief market analyst at CMC Markets UK.
(http://projects.marketwatch.com/2017/trump-today-signup/)
Read:Mnuchin in no rush to label China a currency manipulator
(http://www.marketwatch.com/story/mnuchin-in-no-rush-to-label-china-a-currency-manipulator-2017-02-23)
And see:Doubts persist about tax timing as Trump meets with CEOs
(http://www.marketwatch.com/story/doubts-persist-about-tax-timing-as-trump-meets-with-ceos-2017-02-23)
Read:Doubts persist about tax timing as Trump meets with CEOs
(http://www.marketwatch.com/story/doubts-persist-about-tax-timing-as-trump-meets-with-ceos-2017-02-23)
Economic news: Readings on new-home sales for January and
consumer sentiment for February are both due at 10 a.m. Eastern
Time.
In the afternoon, the weekly U.S. rig count from Baker Hughes
Inc.(BHI) will be released. Last week, the closely watched report
showed the tally has risen
(http://www.marketwatch.com/story/why-oil-experts-think-opecs-us-headache-wont-go-away-this-year-2017-02-20)
for five straight weeks, leaving the count at the highest level
since October 2015.
Read: Why oil experts think OPEC's U.S. headache won't go away
this year
(http://www.marketwatch.com/story/why-oil-experts-think-opecs-us-headache-wont-go-away-this-year-2017-02-20)
(http://www.marketwatch.com/story/why-oil-experts-think-opecs-us-headache-wont-go-away-this-year-2017-02-20)Crude
oil was down 0.7% at $54.07 on Friday, while Brent traded 0.7%
lower at $56.40. The U.S. oil benchmark on Thursday closed at its
highest level since July 2015
(http://www.marketwatch.com/story/oil-prices-regain-momentum-us-supply-data-ahead-2017-02-23),
boosted by a smaller-than-expected rise in crude inventories.
Stock movers: Shares of Hewlett Packard Enterprise Co.(HPE)
slumped 6.7% in premarket action after the IT company late Thursday
reported lower sales than expected
(http://www.marketwatch.com/story/hewlett-packard-enterprise-falls-after-revenue-miss-slashed-earnings-forecast-2017-02-23)
and cut its earnings projections for the fiscal year.
Shares of RH(RH), the company formerly known as Restoration
Hardware, jumped 15% early Friday. The high-end home furnishings
retailer late Thursday forecast higher-than-expected quarterly
results
(http://www.marketwatch.com/story/rh-shares-rally-on-higher-than-expected-forecast-2017-02-23).
Nordstrom Inc.(JWN) rallied 6.4% after the department store
chain late Thursday reported earnings that beat forecasts
(http://www.marketwatch.com/story/nordstrom-shares-rise-after-retailer-beats-earnings-expectations-2017-02-23).
Foot Locker Inc.(FL) gained 1.8% after the shoe retailer
reported profit that beat forecasts
(http://www.marketwatch.com/story/foot-locker-profit-and-sales-rise-above-expectations-2017-02-24).
J.C. Penney Co. Inc.(JCP) added 3.6%, also after releasing
results.
Other markets:Asian stock markets
(http://www.marketwatch.com/story/asian-markets-dip-as-investors-cash-out-after-dovish-fed-minutes-2017-02-23)
closed mostly lower, with Europe following the same trend in the
early going.
Metals rose across the board, with silver on track for a ninth
straight weeks of gains.
The ICE Dollar index was down 0.2% at 100.81.
(END) Dow Jones Newswires
February 24, 2017 07:31 ET (12:31 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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