US futures flat

New York - US stock index futures were little changed on Friday, though recent weakness was enough to put the Dow and S&P 500 on track for their first weekly decline after three consecutive weeks of gains.

The US bourse is set to open higher as European leaders get ready to meet. Credit: REUTERS

However, it has dropped just 1.1 percent over that period, and many view the market's recent trend upward as intact.

The index is seen rising to 83 from 81.9 in the previous report.

Dow Jones industrial average futures fell 29 points and Nasdaq 100 futures slid 3.25 points.

The Dow and S&P have risen for three straight weeks; Nasdaq has risen for four.

Despite the spike, the so-called 'fear index' remains well below its historical average.

While the price of oil has spiked 2.6 percent over the past three days, most analysts said it would need to be sharply above $115 per barrel for a protracted period before it becomes a major headwind to economic growth.

Still, energy companies may attract more action as prices fluctuate.

US President Barack Obama responded by threatening military strikes, adding to the market's geopolitical concern; selling accelerated on Thursday after his comments.

Shares rose 0.7 percent to $205 before the bell.