US pre-open: Stocks seen slightly lower ahead of long weekend
US futures pointed to a slightly weaker open on Friday after Wall Street’s seven-day winning streak came to an end in the previous session, with investors likely to be winding down ahead of the long weekend.
At 1045 GMT, Dow Jones Industrial Average and S&P 500 futures were down 0.3%, while Nasdaq futures were 0.2% lower.
On Thursday, stocks ended mixed in a tight range after President Donald Trump said during a press conference that tax reform proposals would come only after a push to replace Obamacare in March.
Trump also said in the conference that he had inherited a “mess” from former President Barack Obama.
“Jobs are pouring out of the country; you see what’s going on with all of the companies leaving our country, going to Mexico and other places, low pay, low wages, mass instability overseas, no matter where you look. The Middle East is a disaster. North Korea — we’ll take care of it folks; we’re going to take care of it all. I just want to let you know, I inherited a mess,” he said.
CMC Markets’ Michael Hewson said: “With no major data out of the US ahead of the long bank holiday Presidents Day weekend and no big earnings reports, the week will be finishing with investors weighing up the likelihood of another Trump twitter rampage or press conference.
“Whilst these create great headlines for the media it does little to improve stability in the markets, and many will be wondering whether the honeymoon period is over already.”
Meanwhile, oil prices nudged lower, with West Texas Intermediate down 0.2% to $53.26 a barrel and Brent crude off 0.3% to $55.47.
On the corporate front, earnings are due from Deere & Co, JM Smucker Co and Campbell Soup ahead of the open.
Elsewhere, WebMD Health Corp shares were suspended late on Thursday after the company said it may put itself up for sale.
There are no major US data releases due.