Dados para hoje EUA: Bumpy pre-holiday start for stocks

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Bumpy pre-holiday start for stocks

S&P, Nasdaq futures point lower as investors await consumer spending report; volatile day ahead?

May 27, 2005: 6:18 AM EDT

NEW YORK (CNN/Money) - The latest reading on consumer spending could set the tone on Wall Street Friday in what promises to be a light, choppy session ahead of the holiday weekend.

S&P and Nasdaq futures edged lower in early trading, indicating a lower open for stocks. The expected light trading could lead to market volatility.

Due an hour before the open: a government report on personal spending and income, which includes a reading on inflation. Consumer spending is watched closely since it fuels about two-thirds of the economy.


Economists surveyed by Briefing.com expect income rose 0.7 percent in April after a 0.5 percent rise in March, while spending by consumers is seen up 0.8 percent after a 0.6 percent gain.

Just after the market opens, the University of Michigan will release its revision on May consumer confidence. Economists forecast that closely watched index will edge up to 86.0 from 85.3 reading at the start of the month.

Oil prices were little changed in early trading Friday, after a rally took light sweet crude above the $51 a barrel Thursday.

The New York July light crude contract edged up 1 cent to $51.02 a barrel in electronic trading, while the July contract for Brent crude rose 10 cents to $50.26

Major markets in Asia closed higher Friday, with Tokyo ending at a six-week high, while major European markets were mixed in early trading.

Bond prices were little changed, leaving the yield on the 10-year treasury at 4.08 percent.

The dollar lost ground versus the euro ahead a vote in France this weekend on a European constitution. A no vote by the French, which some polls now predict, could hurt the euro. The dollar also fell against the Japanese yen.