MARKET SNAPSHOT: U.S. Stocks: Futures Up; Consumers May Be In Better Mood

By Carla Mozee, MarketWatch

LONDON (MarketWatch) -- U.S. stock futures indicated a positive start for Wall Street on Friday, with investors likely to be handed figures showing the mood of U.S. consumers has brightened.

Alongside the plateful of economic data, a speech by Federal Reserve Bank of Minneapolis President Narayana Kocherlakota will also be watched by investors.

Futures for the Dow Jones Industrial Average (DJU4) rose 42 points, or 0.3%, to 16,724, while those for the S&P 500 index (SPU4) gained 4 points to 1,957.60. Futures for the Nasdaq 100 index (NDU4) tacked on 12.25 points, or 0.3%, to 3,980.25.

A reading on consumer sentiment from the University of Michigan/Thomson Reuters is due at 9:55 a.m. Eastern Time. The mood is expected to have improved in August; economists polled by MarketWatch expect a preliminary reading of 82.3, compared with 81.8 in July. Analysts look at sentiment surveys to get a feel for the direction of consumer spending, the key driver of the U.S. economy.

"Recent stock gains and the steady weekly decline in gasoline prices at the pump likely buoyed August sentiment," wrote Crédit Agricole's chief economist for North America Michael Carey.

The Federal Reserve's July report on industrial production and capacity utilization is due at 9:15 a.m. Eastern Time. Economists project slight increases for each measure, with industrial production likely to increase a seasonally adjusted 0.3%.

The Empire State Manufacturing Survey will provide fresh data on manufacturing trends, and will be released at 8:30 a.m. At the same time, the U.S. Labor Department will report on July producer prices.

At 10:45 a.m. Eastern, Narayana Kocherlakota, president of the Minneapolis Federal Reserve, will talk about the economy and the state of community banking at the Independent Community Bankers of Minnesota's annual meeting Brainerd, Minn. Kocherlakota, one of the Fed's leading doves, is a voting member of the Fed policy committee this year.

U.S. stocks on Thursday closed modestly higher, leaving the S&P 500 index (SPX) up 0.4%.

Crédit Agricole's Carey noted that geopolitical tensions in Ukraine and the Middle East have put a strain on market sentiment in recent weeks.

In Ukraine on Friday, border guards and customs officers began inspecting a convoy of trucks that Russia says contains humanitarian aid for war-torn eastern Ukraine. Ukraine has said the convoy could be used as a prelude to a Russian invasion.

Stocks in focus

Before the opening bell, shares of cosmetics maker Estee Lauder (EL) rose 2.2% as profit came in better than anticipated.

Monster Beverage (MNST) shares leapt 21% in premarket trade on Coca-Cola's (KO) move to acquire a 17% ownership stake in the energy drink company, as part of a long-term partnership deal. Coke will make a $2.15 billion cash payment and transfer its global energy drink business to Monster.

Achillion Pharmaceuticals (US-ACHN) rallied 13% in heavy volume following positive results from a clinical trial related to sovaprevir, the company's experimental hepatitis C treatment.

J.C. Penney Co. (JCP) shares rose 2.4% ahead of the open. The department-store operator late Thursday reported a narrower-than-expected second-quarter loss.

Applied Materials Inc. (AMAT) shares picked up 3.3% premarket, after the chip-making equipment provider's quarterly sales and earnings report topped Wall Street expectations.

SeaWorld Entertainment (SEAS) is set to announce plans to expand its killer-whale habitats, The Wall Street Journal reports.

In other markets, oil futures (CLU4) edged higher and gold futures (GCZ4) fell $4 an ounce. In Asia, the Hong Kong Hang Seng index finished at its best level in more than three years. European stocks were higher.

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