US futures dip after S&P record

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WallStreet1234 Reuters. A Wall Street sign is pictured outside the New York Stock Exchange in New York.

New York - US stock index futures dipped on Friday following another record close for the S&P 500 a day earlier as traders dismissed a contraction in the economy in the first quarter.

* The economic calendar will keep markets busy in the last trading day of the month.

The S&P and Dow industrials are on track to close their four month of gains in a row, while the Nasdaq Composite could close its first positive month in three.

* Data on personal consumption and income for April is due at 8:30 a.m. EDT (14:30 SA time) while May's Chicago purchase managers index is expected shortly after the market opens.

At 9:55 a.m. (15:55 SA time) the Thomson Reuters/University of Michigan May reading on consumer sentiment is due.

* S&P 500 e-mini futures were down 2 points and fair value - a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract - indicated a slightly lower open.

Dow Jones industrial average e-mini futures fell 9 points and Nasdaq 100 e-mini futures lost 2 points.

* Equity markets continue to keep an eye on Treasury yields.

The 10-year Treasury note yield rose to around 2.47 percent, near an 11-month low hit during Thursday's session.

* Apparel retailers Express and Guess forecast disappointing profits for the current quarter amid a sluggish revival in consumer spending. Express shares fell 13 percent in premarket trading.

* Shares of Infoblox tumbled 32 percent in premarket trading after the network equipment maker forecast a lower-than-expected profit for the current quarter and said its chief executive would step down.

* Data analytics software maker Splunk reported a bigger quarterly loss Thursday as expenses nearly doubled.

Its shares fell 8.9 percent in premarket trading. - Reuters



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