U.S. Stock Futures Higher

Stock futures inched higher Friday, a day after major indexes posted their largest one-day losses since late July.

Dow Jones Industrial Average futures added 23 points, or 0.1%, to 16923. S&P 500 futures rose 2 points, or 0.1%, to 1963. Nasdaq-100 futures gained five points, or 0.1%, to 4012. Changes in stock futures don't always accurately predict stock moves after the opening bell.

Stocks slumped Thursday, with the Dow shedding 1.5% to 16945.80. The S&P 500 dropped 1.6% to 1965.99. Losses came amid ongoing concerns about global growth and rising tensions between Western countries and Russia.

Recent action leaves the major indexes poised for weekly losses. Investors remained concerned about economic growth overseas, especially in China and the eurozone. At the same time, the Federal Reserve is growing more confident in the U.S. economic recovery and is eyeing an interest-rate increase sometime next year.

"As you look at asset allocation, you want to think about things that are going to do well in a rising-interest-rate environment," said Art Hogan, chief market strategist at Wunderlich Securities. He said he likes stocks of regional banks, while cautioned against stocks with high dividends, such as utilities, that have performed well.

Stocks were mixed overseas. Japan's Nikkei Stock Average fell 0.9% to 16,229.86, dropping back into negative territory for the year. In Europe, the Stoxx Europe 600 index gained 0.2%.

The dollar continued to strengthen against major rivals. The euro fell to $1.2730 from $1.2751 late Thursday.

On the economic front, investors will receive the third reading on U.S. economic growth in the second quarter at 8:30 a.m. EDT. Economists are expecting growth to be revised higher to 4.6% from 4.2%, according to a survey by The Wall Street Journal. The final reading on September's consumer sentiment is expected later in the morning.

The yield on the benchmark 10-year Treasury note fell to 2.493%. Yields move inversely with prices.

In corporate news, investors weighed BlackBerry Ltd.'s mixed earnings results, which included a smaller-than-expected loss and a sharp drop in revenue.

In commodity markets, crude-oil futures rose 0.7% to $93.15 a barrel while gold futures fell 0.1% to $1,220.80 an ounce.

Write to Saumya Vaishampayan at [e-mail]

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