Markets mull May employment report, Intel's sales forecast as bulls to maintain week's gains.
June 6, 2003: 5:33 AM EDT
By Mark M. Meinero, CNN/Money Staff Writer
NEW YORK (CNN/Money) - The May employment report and Intel's sales forecast will be the primary topics as U.S. stock markets conclude the trading week Friday.
At 5:30 a.m. ET, futures pointed to a higher open for the major indexes, which are well positioned for another winning week unless there's some big-time selling.
The jobs report, always closely watched, isn't expected to be anything spectacular. Economists surveyed by Briefing.com see the unemployment rate climbing to 6.1 percent from 6 percent in April. The number of non-farm jobs is forecast to decline by 30,000 after a 48,000 drop the month before. Both figures would signal lingering weakness in the nation's economy.
Late Thursday, Intel narrowed its sales forecast for the current quarter, although the midpoint remained intact at $6.7 billion. While that doesn't bode ill for the world's No. 1 chipmaker, the lack of upward momentum could make it tough for the bulls to justify the recent runup in the stock.
Among U.S. stocks trading in Europe,Intel (INTC: Research, Estimates) shares were up 4 percent.
The Dow Jones industrial average begins the session at its highest point in six months after a mere 2-pointadvance Thursday. The Nasdaq composite index is at its highest level in more than a year after gaining 0.7 percent.
To finish higher for the week, the Dow needs to hold on to the 191 points it has advanced so far this week, while the Nasdaq has to avoid losing a little more than 50 points.
Asian-Pacific stocks ended higher, with Tokyo's Nikkei up 1.5 percent to their highest level since January. Intel's sales forecast helped boost European markets in early trading.
Treasury prices rallied in early trading, sending the 10-year note yield down to 3.28 percent from 3.35 percent late Thursday. The dollar edged up against the yen, but slipped versus the euro.
Brent oil futures gained 22 cents to $27.66 a barrel in London, where gold declined in early trading.
Among the stocks to watch Friday isImClone Systems (IMCLE: Research, Estimates) after the biotech developer said it plans to resubmit its Erbitux cancer drug for marketing approval after favorable test results announced earlier this week. ImClone rose $9.47, or 25 percent, to $48 in Instinet before-hours trading. The price is above the Dec. 31, 2001 close, the first trading session that investors could react to the Food and Drug Administration's initial decision to reject the Erbitux application. But it's still below the point that Martha Stewart sold her shares in a transaction that has led to her indictment for securities fraud.
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