(By Salman - iStockAnalyst Writer) US stock futures retreated on Friday as dollar climbed against other currencies, thereby pressurizing the commodity prices.
At 8:26 am ET, the S&P 500 futures dropped 5.20 points to 1058.60. The Dow Jones Industrial average futures lost 28 points to 9719. The Nasdaq Composite futures slipped 8 points to 1708.50.
President Obama was awarded the Nobel Peace Prize on Friday for his "extraordinary efforts" to "strengthen global diplomacy" and his efforts for getting rid of nuclear weapons.
Late on Thursday, Federal Reserve Chairman Ben Bernanke said that the central bank could tighten monetary policy when the economy "has improved sufficiently." The comment boosted US dollar against a basket of currencies. Commodity prices came under pressure following the Bernanke remarks.
A release by the Commerce Department on Friday showed that the U.S. trade gap unexpectedly narrowed in August to $30.7 billion. Imports fell by $913 million, or 0.6%, to $158.9 billion in August while exports climbed $228 million, or 0.2%, to $128.2 billion
Monsanto Co. (NYSE:
MON) said Thursday that the U.S. Department of Justice is reviewing its business to determine whether or not the largest seed company has violated any antitrust laws.
Shares of Wynn Macau Ltd. casino company soared 13 percent in its trading debut on the Hong Kong stock exchange Friday, reflecting stronger faith in the southern Chinese gambling city's prospects.
The International Energy Agency raised its expectations by 200,000 barrels a day to an average of 84.6 million barrels per day for 2009, and by 350,000 barrels per day to 86.1 million barrels per day for 2010.
On the economic front, wholesale inventories data is due for release at 10:00 am.
US stocks finished higher on Thursday after Dow component Alcoa (
AA) reported upbeat earnings. Shares also got a boost from stronger- than-expected jobless claims data.
European stocks advanced in afternoon trade. At 12:50 pm London time, the UK FTSE lost 3.60 points or 0.07% to 5,151.04. The German DAX and French CAC decreased 0.05% and 0.17% respectively.
Asian stocks finished higher. The Nikkei 225 jumped 183.92 points or 1.87% to 10,016.39. The Hang Seng index of Hong Kong rose 6.54 or 0.03% to 21,499.44.
NYMEX crude oil for November delivery climbed as much as 74 cents or 1% to $70.95 a barrel in electronic trading.
Disclosure: Author doesn't own any of the stocks discussed here.
