After falling sharply in recent sessions, stocks are likely to regain some ground in early trading on Friday. The major index futures are currently pointing to a moderately higher open for the markets, with the Dow futures up by 40 points.
The upward momentum for the markets comes as some traders are likely looking to pick up stocks at reduced levels following the recent weakness, which has dragged the major averages down to their lowest levels in over three months.
Nonetheless, trading activity may be somewhat subdued amid a lack of major U.S. economic data on the day. Lingering concerns about the financial situation in Europe may also limit any rebound by the markets.
Traders are likely to keep a close on shares of Facebook (FB), with the social networking giant set to begin trading on the Nasdaq.
Facebook announced Thursday that it priced its initial public offering at $38 per share, at the top end of its estimated price range of $34 to $38.
The company raised $16 billion with the offering, marking the largest ever IPO for a technology company. The offer price values the company at $104 billion.
Gap (GPS) could also be in focus after the apparel retailer reported better than expected first quarter results. The company also raised its full-year earnings guidance.
Chip maker Marvell Technology (MRVL) also reported better than expected first quarter results, initiated a quarterly dividend of $0.06 per share, and added $500 million to its share repurchase program.
Stocks saw substantial weakness during trading on Thursday, as traders reacted negatively to a disappointing batch of U.S. economic data. Worries about the financial situation in Europe also continued to weigh on the markets.
The major averages saw further downside going into the close, ending the session at or near their lows for the session. The Dow fell 156.06 points or 1.2 percent to 12,442.49, the Nasdaq plummeted 60.35 points or 2.1 percent to 2,813.69 and the S&P 500 dropped 19.94 points or 1.5 percent to 1,304.86.
In overseas trading, stock saw considerable weakness during trading on Friday following the overnight sell-off on Wall Street. Japan's Nikkei 225 Index tumbled by 3 percent, while Hong Kong's Hang Seng Index ended the day down by 1.3 percent.
Meanwhile, the major European markets have turned mixed on the day. While the U.K.'s FTSE 100 Index is down by 0.7 percent, the French CAC 40 Index and the German DAX Index are up by 0.1 percent and 0.2 percent, respectively.
In commodities trading, crude oil futures are edging down $0.12 to $92.44 a barrel after slipping $0.25 to $92.56 a barrel on Thursday. Meanwhile, gold futures are climbing $12.30 to $1,587.20 an ounce. In the previous session, the precious metal jumped $38.30 to $1,574.90 an ounce.
On the currency front, the U.S. dollar is trading at 79.27 yen compared to the 79.28 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.2711 compared to yesterday's $1.2698.
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