Dell could drive stocks
Strong earnings, outlook from No. 1 PC maker has markets poised for higher open Friday.
May 13, 2005: 6:14 AM EDT
NEW YORK (CNN/Money) - A strong earnings report and outlook from personal computer leader Dell have stocks poised for a higher open Friday.
U.S. stock futures were up in early trading, indicating a gain for stocks at the open, following the report from Dell (Research) late Thursday. Shares of Dell were up almost 3 percent in after-hours trading Thursday after the report.
Oil prices rebounded slightly after Thursday's sharp sell-off took oil prices below the $49 a barrel mark. The June light crude contract gained 17 cents to $48.71 a barrel in electronic trading, while the June contract for Brent crude rose 63 cents to $48.97.
Major markets in Asia closed mostly lower Friday. Major European markets were also lower in early trading, hurt by a drop in oil stocks there. A drop in oil stocks led U.S. markets lower in Thursday trading.
Treasury prices rose, lowering the yield on the 10-year note to 4.16 percent from 4.17 percent late Thursday. The dollar lost ground on the euro and the yen.
Economic reports due Friday include readings on import and export prices, which will get more attention than normal given recent market concerns about inflation.
Also due is a report on business inventories as well as the initial results of a University of Michigan survey about consumer confidence in May.
Economists surveyed by Briefing.com are forecasting inventories were up 0.6 percent in March after a 0.5 percent rise in February, while the Michigan survey is expected to come in at 88.3, up from 87.7 in April.