Friday May 26th


Futures point to lower open on Wall Street after economic data

U.S. stock index futures pointed to a slightly lower open on Friday as traders appeared to move away from riskier assets amid fluctuating oil prices. Investors also digested key economic data. Dow futures slipped about 23 points, while S&P and Nasdaq futures declined 2.75 points and 3.5 points, respectively. The first revision to first-quarter GDP showed the U.S. economy grew at a rate of 1.2 percent, higher than an expected reading of 0.7 percent. Meanwhile, durable goods orders declined 0.7 percent, less than expected. Consumer sentiment data for May are also scheduled for release at 10 a.m. ET. OPEC and non-OPEC members reached a deal to extend production cuts for an additional nine months on Thursday. However, investors seemed disappointed that more aggressive measures to reduce a global supply overhang were not taken. In oil markets, Brent crude traded at around $51.65 a barrel on Friday, up 0.37 percent, while U.S. crude was around $49.03 a barrel, up 0.27 percent. Meanwhile, President Donald Trump attends the G-7 meeting in Sicily on Friday and traders will also be watching for any new developments in the investigation into Trump campaign ties to Russia after reports that Trump's son-in-law, Jared Kushner, is now under FBI scrutiny. In Europe, the pan-European Stoxx-600 index was around 0.49 percent lower on Frida. In Asia, the Shanghai Composite in China closed 0.08 percent higher, while the Nikkei in Japan closed 0.64 percent lower. Gold hit its highest in nearly four weeks on Friday in response to a weaker dollar and political uncertainty that led investors to shun riskier assets in favor of bullion. Spot gold was up 0.78 percent at $1,265.11 per ounce, with the yellow metal almost flat for the week. U.S. gold futures gained 0.72 percent to $1,265.50 an ounce.