US STOCKS-Futures flat; indexes poised for best week since Oct – Reuters

This post was originally published on this site

* Nike jumps on buyback announcement

* Abercrombie & Fitch surges after results

* Gap dips after full-year profit cut

* Futures up: Dow 78 pts, S&P 6.5 pts, Nasdaq 13 pts

(Adds details, comment, updates prices)

By Abhiram Nandakumar

Nov 20 U.S. indexes were set to open little
changed on Friday, with no catalysts driving the market firmly
in either direction, and were poised for their best weekly
performance since October.

Investors are expecting the U.S. Federal Reserve to raise
interest rates next month, after minutes from the Fed’s October
meeting revealed policymakers were confident that the economy
was strong enough to withstand higher rates.

“Considering the major indices are back near their 2015
highs and next week is a shortened holiday week with low volume,
people who want to take money off the table will likely take
this opportunity to do so,” said Phil Davis, chief executive of
trading advisory website Philstockworld.com.

Davis noted that Friday was an options expiration day, which
tends to make the market more volatile.

At 8:35 a.m. ET (1335 GMT), Dow e-minis were up 78
points, or 0.44 percent, with 16,539 contracts changing hands.
S&P 500 e-minis were up 6.5 points, or 0.31 percent, with
122,573 contracts traded. Nasdaq 100 e-minis were up 13
points, or 0.28 percent, on volume of 17,476 contracts.

Nike’s shares jumped 4.2 percent to $131 in
premarket trading after the Dow component announced a $12
billion share buyback and a 2-for-1 share split.

Abercrombie & Fitch surged 20 percent to $23.37
after its quarterly profit more than doubled and same-store
sales fell less than expected.

Gap fell 2 percent to $24.60 after the company cut
its profit forecast for the year.

Foot Locker rose 4.8 percent to $64.50, while Intuit
was up 9.1 percent at $106.25 after results.

Autodesk fell 3.7 percent to $60.09 after it posted
a third-quarter loss.

St. Louis Fed President James Bullard and New York Fed
President William Dudley are slated to speak at separate events.

(Reporting by Abhiram Nandakumar in Bengaluru; Editing by
Saumyadeb Chakrabarty)