U.S. stock futures correctly predicted today's market upswing as the Dow Jones Industrial Average broke out gaining more than 200 points, or more than 1.5% by mid day. Futures for the Dow Jones Industrial Average surged 124 points to 12,650.00 and S&P 500 index futures rose 16.90 points to 1,339.30. Nasdaq 100 futures jumped 32.25 points to 2,560.00.
U.S. stocks closed lower on Thursday, with the Dow Jones Industrial Average dropping 0.20% to 12,602.26, the S&P 500 index falling 0.21% to 1,329.04 and the Nasdaq 100 index tumbling 0.90% to 2,849.49.
Data on May personal income and consumption came out reflecting a flattening in consumer spending for the first time in six months. The Institute of Supply Management Chicago announced that Chicago-area manufacturing conditions in June edged up .2% to 52.9% from May's 52.7% print. Any reading over 50% indicates expansion. Finally, the University of Michigan's consumer-sentiment gauge showed that consumer sentiment for June had fallen to 73.2 from May's 79.3 reading -- the lowest level since December.
Constellation Brands (NYSE: STZ) is estimated to post its Q1 earnings at $0.39 per share on revenue of $646.64 million. KB Home (NYSE: KBH) is expected to post a Q2 loss at $0.34 per share on revenue of $301.30 million.
The Finish Line (NASDAQ: FINL) is estimated to post its Q1 EPS at $0.23 on revenue of $320.68 million.
Nike Inc. (NYSE: NKE) reported an 8% drop in its fiscal fourth-quarter profit.
Research In Motion Ltd. (NASDAQ: RIMM) posted a loss in its first fiscal quarter. The company also announced its plans to cut 5,000 jobs and delay the launch of its BlackBerry 10 mobile operating system.
Smith & Wesson Holding (NASDAQ: SWHC) reported a surge in its fourth-quarter net income.
European markets were higher today. The STOXX Europe 600 Index rose 1.43%, London's FTSE 100 Index surged 1.31%, French CAC 40 index jumped 2.41% and German DAX 30 index rose 2.02%.
Asian markets ended higher, with Japan's Nikkei Stock Average gaining 1.50%, China's Shanghai Composite gaining 1.35% and Australia's S&P/ASX 200 rising 1.22%. Hong Kong's Hang Seng index gained 2.19% and India's Sensex surged 2.59%.
Gold for August delivery surged $19.70 to $1,569.40 an ounce. Crude for August delivery gained $2.12 to $79.81 a barrel on the New York Mercantile Exchange.
The dollar index (DXY) fell 0.78% to 82.06, down from 82.849 in North American trade late Thursday.
The euro surged 1.13% versus the dollar to trade at $1.2584, up from $1.2429 in North American trade late Thursday.
BY Monica Gerson
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