May 25, 2012-Markets Look to Modest Start

Wall Street is mustering optimism despite the intensifying uncertainty, as reflected by the U.S. index futures, which point to a modestly higher open on Friday. The European markets are firmer for a second straight day, propelled by financial stocks. Crude oil is extending its gain and gold is also firmer. Risk currencies, including the euro, are also seeing a modest bounce. In the absence of any other market moving catalysts, traders may closely track the results of a U.S. consumer sentiment report. As of 6:30 am ET, the Dow futures are rising 16 points and the S&P 500 futures are up 3.20 points, while the Nasdaq 100 futures are gaining 7.00 points. U.S. stocks moved about in a lackluster fashion for much of Thursday's session before closing on a mixed note. The major averages opened little changed and moved back and forth across the unchanged line in the morning, as traders digested the about in line jobless claims data and a report that showed a smaller than expected increase in durable goods orders. On the economic front, the Reuters and the University of Michigan's final report on the consumer sentiment index for May is scheduled to be released at 9:55 am ET. The consumer sentiment index is expected to be left unrevised at to 77.8.