(By Salman - iStockAnalyst Writer)US stock futures rallied on Friday as investors take a breather following the previous session's rally.
At 8:30 am ET, the S&P 500 futures fell 3.40 points to 1058.20. The Dow Jones Industrial average futures retreated 23 points to 9880. The Nasdaq Composite futures dropped 4.25 points to 1703.25.
A release by Commerce Department showed that US consumer spending, which accounts for nearly two third of economy, fell 0.5% in September. Personal income remained flat in September. Economists expected consumer spending to drop 0.5% and personal income to decrease 0.5% in September.
Early on Friday, Chevron Corp. (NYSE:
CVX) said that its third-quarter net income tumbled 51% to $3.8 billion, or $1.92 a share, from $7.9 billion, or $3.85 a share, in the prior-year period. Total revenue plunged to $46.6 billion from $78.9 billion.
Electronic giant Sony (NYSE:
SNE) reported Friday that its net loss for the quarter ended in September totaled 26.3 billion yen ($292 million), compared to net income of 20.8 billion yen, in the year-ago quarter. Excluding net income (loss) of affiliated companies and restructuring charges, operating income rose by 16% to 12.5 billion yen.
MetLife (NYSE:
MET) reported Thursday that its swung to a third quarter net loss of $650 million, or 79 cents per share, compared with a profit of $600 million, or 83 cents per share, in the year-ago quarter. Excluding investment gains and losses, operating earnings increased 18 percent over the third quarter of last year to $718 million, or 87 cents per share. Total revenue slipped 1 percent to $12.41 billion.
Las Vegas Sands (NYSE:
LVS) announced that its third quarter net loss widened to $123 million, or 19 cents a share, from $32.2 million, or 9 cents a share, in the comparable quarter last year. On an adjusted basis, the company earned 3 cents a share, up from 2 cents. Revenue rose 3.2% to $1.14 billion.
On the economic front, University of Michigan/Reuters consumer sentiment index is due for release at 09:55 am ET.
US stocks finished solid gains as stronger-than expected GDP data and upbeat corporate earnings boosted investor optimism over an economic recovery.
European stocks were mixed in afternoon trade. At 11:58 pm London time, the UK FTSE rose 4.37 points or 0.09% to 5,142.09. The German DAX and French CAC decreased 0.56% and 0.41% respectively.
Asian stocks finished mixed. The Nikkei 225 jumped 143.64 points or 1.45% to 10,034.74. The Hang Seng index of Hong Kong surged 487.88 points or 2.29% to 21,752.87.
NYMEX crude oil for December delivery declined 49 cents or 0.6% to $79.38 a barrel in electronic trading.
Disclosure: Author doesn't own any of the stocks discussed here.
