Investing.com - U.S. stock futures pointed to a higher open in light trade on Friday, despite a string of disappointing economic reports from the U.S. and the euro zone on Thursday.
Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.24% rise, S&P 500 futures signaled a 0.34% increase, while the Nasdaq 100 futures indicated a 0.36% gain.
The Federal Reserve Bank of Philadelphia said on Thursday that its manufacturing index fell to minus 12.5 in February from January’s reading of minus 5.8, contracting at the fastest rate since July.
The data came after Markit said that its preliminary U.S. manufacturing PMI index fell to 55.2 in February from 55.8 the previous month, compared to expectations for a reading of 55.6.
In addition, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending February 16 rose by 20,000 to a seasonally adjusted 362,000, compared to expectations for an increase of 13,000 to 355,000.
In the euro zone, data showed that the services purchasing managers’ index dropped from 48.6 to 47.3 in February, while the manufacturing PMI fell to 47.8 from a final reading of 47.9 in January.
Tech stocks were expected to be active, as Hewlett-Packard's quarterly revenue and forecasts beat expectations, sending shares up 5.61% in after-hour trade.
Separately, Texas Instruments raised its quarterly dividend by a third and said it will buy back an additional USD5 billion in stock.
Among commodity-linked companies, Newmont Mining, the biggest U.S. gold producer, said on Thursday that a more disciplined approach to spending and cost cuts is its top priority. Shares jumped 1.73% in late trading.
Gary Goldberg is set to takes over as CEO on March 1.
Insurers were also likely to be in focus, as American International Group surged 4.64% after hours, after reporting fourth-quarter results that beat market expectations.
In the financial sector, Citigroup said on Thursday that it has overhauled an executive pay plan that shareholders rejected last year as overly generous, revising it to link bonus payments more closely to stock performance and profitability.
Shares in the U.S. lender were up 0.35% in pre-market trade.
Across the Atlantic, European stock markets were sharply higher. The EURO STOXX 50 jumped 1%, France’s CAC 40 rallied 1.31%, Germany's DAX climbed 0.58%, while Britain's FTSE 100 advanced 0.77%.
During the Asian trading session, Hong Kong's Hang Seng Index dropped 0.54%, while Japan’s Nikkei 225 Index climbed 0.68%.
Trading volumes were expected to remain light on Friday, with no major economic data due to be published in the U.S.