U.S. Stocks: Futures Hint At Strong Weekly Jump
U.S. stocks headed for solid weekly gains on Friday, with futures indicating a rebound from the prior day’s oil-driven losses.
Futures for the Dow Jones Industrial Average (YMM5) climbed 74 points, or 0.4%, to 17,960, while those for the S&P 500 index (ESM5) added 6.40 points, or 0.3%, to 2,088.00. Futures for the Nasdaq 100 index (NQM5) gained 13.50 points, or 0.3%, to 4,435.50.
For the week, all benchmarks were poised for advances, ranging from rises of 1.7% to 3.1%, according to the futures. The increases come after a choppy week when the main benchmarks were thrown between gains and losses (http://www.marketwatch.com/story/us-stocks-futures-on-pins-and-needles-as-fed-waiting-nears-an-end-2015-03-18) on the heels of the Federal Reserve’s statement that it will no longer be “patient” before it raises interest rates, but that it’s also in no hurry to tighten policy.
Economists at Credit Suisse said in a note on Friday that the statement was dovish, but that they still expect a rate hike in June. They also lifted their target for the S&P 500 (SPX) by 20 points to 2,170 by the end of 2015.
On Thursday, a slide in oil prices hit energy stocks and helped move the markets lower (http://www.marketwatch.com/story/us-stocks-futures-slip-after-fed-fueled-stock-rally-2015-03-19). Crude prices moved slightly lower on Friday.
Fed speakers: With little in the way of economic data on Friday, the latest from Fed speakers will be among the day’s highlights. Atlanta Fed President Dennis Lockhart will give a speech on monetary policy to the Georgia Law Review Symposium in Athens, Ga., at 10:15 a.m. Eastern Time. Lockhart is a voting member of the Fed’s rate-setting board this year.
Chicago Fed President Charles Evans, also a voting member, will discuss a paper on “risk management for monetary policy at the zero bound” at 11:30 a.m. Eastern.
Stocks to watch: Nike Inc. (NKE) jumped 4.7% ahead of the bell after late Thursday reporting fiscal third-quarter earnings that beat analyst forecasts (http://www.marketwatch.com/story/nikes-third-quarter-profit-beats-but-sales-miss-on-a-stronger-dollar-2015-03-19).
Shares of SeaWorld Entertainment Inc.(SEAS) could also be active after the theme park late Thursday named Joel Manby as its president and chief executive (http://www.marketwatch.com/story/seaworld-names-new-president-and-ceo-2015-03-19), effective April 7.
Reporting before the market opens on Friday, jeweler Tiffany & Co.(TIF) is projected to post fourth-quarter earnings of $1.50 a share, according to a consensus survey by FactSet.
Darden Restaurants Inc.(DRI) is forecast to report fiscal third-quarter earnings of 84 cents a share.
Home builder KB Home(KBH) is expected to post first-quarter earnings of 2 cents a share.