Friday February 24th

24-02-2017

Dow futures fall 100 points; stocks poised to pull back from record highs

U.S. stock index futures pointed to a lower open on Friday after the Dow and S&P set fresh records. The Dow Jones industrial average notched its 10th straight record close and the S&P 500 closed marginally higher after reaching a new all-time high. On the earnings front Foot Locker and J.C. Penney were among the companies that reported before the bell on Friday. Penney posted better-than-expected earnings and announced it will close up to 140 stores. On the data front new home sales and consumer sentiment are due at 10 a.m. ET. In Europe, the pan-European Stoxx 600 Index was 1.01 percent lower on Friday. Markets in Asia traded mostly lower on Friday, with Samsung Group in focus after reports said senior executives tied to an ongoing corruption scandal offered to resign, while its flagship brand introduced new transparency measures to handle large financial donations. The broader benchmark Kospi closed down 13.51 points, or 0.64 percent, at 2,094.12, while in Hong Kong, the Hang Seng index traded down 0.50 percent in the afternoon. Chinese mainland shares ended fractionally higher, with the Shanghai composite up 0.05 percent to 3,253.03, while the Shenzhen composite added 8.39 points, or 0.42 percent, to 2,000.37. Japan's Nikkei 225 finished down 87.92 points, or 0.45 percent, at 19,283.54 as some export stocks came under pressure from a relatively stronger yen trading at 112.84 to the dollar, strengthening from levels above 113.0 earlier this week. In oil markets, Brent crude traded at around $56.11 a barrel on Friday, down 0.83 percent, while U.S. crude was around $54.06 a barrel, down 0.7 percent. Gold hit its highest in about 3-1/2-months on Friday, on a weaker dollar and as uncertainties surrounding U.S. President Donald Trump's policies and elections in Europe fueled safe-haven demand. Spot gold was up 0.80 percent at $1,259.33 per ounce, after touching its highest since Nov. 11 at $1,254.31 earlier in the session. The dollar index was down 0.34 percent at 100.71. U.S. gold futures edged up 0.70 percent to $1,260.20.