Wall Street Nervous Ahead Of Data

(RTTNews) - Wall Street is set to tow in line with the lackluster trend in the previous session, as the major U.S. index futures point to a negative open on Friday. The guarded mood reflects nervousness concerning the course of monetary policy. Traders are likely to focus their attention on the industrial production, consumer sentiment and producer price inflation data due for the day along with a host of global catalysts. For the first day in four, the Chinese central bank set the reference rate for the yuan higher. The dollar is mixed and commodities are also seeing subdued trading. The Greek Parliament has approved the bailout agreement between Greece and its creditors even as there was dissent among ruling party members. Meanwhile, second quarter GDP data from the eurozone came in softer than expected.

At 6:15 am ET, the Dow futures are slipping 24 points, the S&P 500 futures are down 4.25 points and the Nasdaq 100 futures are down 8.75 points.

U.S. stocks ended a volatile session on Thursday on a mixed note, as receding yuan worries were countered by concerns about a Fed rate hike in the wake of strong domestic data.

On the economic front, the Labor Department is scheduled to release its report on producer prices for final demand at 8:30 am ET. Economists expect a 0.1 percent month-over-month increase in both producer prices for final demand as well as the core reading.

The Federal Reserve is due to release its industrial production report for July at 9:15 am ET. The consensus estimate calls for a 0.4 percent month-over-month increase in industrial output, while capacity utilization may have eased 0.3 percentage points to 78.1 percent.

The University of Michigan is scheduled to release the results of its preliminary U.S. consumer sentiment index for August at 10 am ET. Economists expect the consumer sentiment index to edge up to 93.5 in August from 93.1 in July.

In corporate news, Applied Materials (AMAT) reported in line adjusted earnings per share for the third quarter but its sales missed estimates. The company's fourth quarter guidance was weak.

Nordstrom (JWN) reported second quarter adjusted earnings and revenues that beat estimates. The company raised its 2015 earnings and revenue guidance.

The major Asian markets ended mixed, as traders reacted to the lackluster lead from Wall Street overnight and receding concerns about the yuan devaluation. The Malaysian market led the retreat in the region, as the nation's currency went into a tailspin, falling to a 17-year low, amid domestic and overseas concerns. However, the Indian market recorded solid gains.

The Japanese market retreated, as the yen firmed up. The Nikkei 225 average languished below the unchanged line throughout the session before ending down 76.10 points or 0.37 percent at 20,520. Australia's All Ordinaries, which nervously clung onto the unchanged line till the mid-session, retreated sharply thereafter. The index ended down 29 points or 0.54 percent at 5,360.

Hong Kong's Hang Seng Index ended at 23,991, down 27.77 points or 0.12 percent, while China's Shanghai Composite closed at 3,965, up 10.78 points or 0.27 percent.

After a nervous start in reaction to below-par GDP data from the region, European stocks rallied sharply in early trading as news seeped out that the Greek Parliament has approved a draft agreement the nation struck with its creditors over the terms of the third bailout deal. Since then, the averages have trimmed their gains.

After protracted negotiations, the Greek bailout deal was approved by the Parliament with 222 votes favoring it. However, about 31 MPs from the ruling Syriza party dissented, giving rise to speculation that Prime Minister Alexis Tsipras may have to seek a confidence vote in the Parliament next week. Later today, the Eurogroup finance ministers will discuss whether to grant the nation the bailout.

On the economic front, preliminary GDP report released by the eurozone showed that the euro area's second quarter GDP rose 0.3 percent sequentially compared to the 0.4 percent growth expected by economists. The annual growth at 1.2 percent was also a touch softer than expected. Meanwhile, the German Federal Statistical Office reported that the German GDP expanded 0.4 percent sequentially compared to the consensus estimate of 0.5 percent growth. Meanwhile, weighed down by a steep drop in investment, the French economy stagnated.

Final inflation data released by Eurostat showed that annual inflation for the euro area remained at 0.2 percent in July, the same as in June and in line with the flash estimate. The harmonized index of consumer prices was down 0.6 percent month-over-month in July.