August 16, 2013-Stocks Edge Higher After Recent Losses

Wall Street may strive to stage a rebound on Friday following its steep losses in the previous session. The U.S. index futures currently point to a higher opening. Asian stocks extended their slide and the European markets are little changed. The domestic markets may once again be handicapped by fears lurking in the minds of traders concerning trimming of stimulus. Housing starts and consumer sentiment data due later in the day could provide some clues on the economic health and in turn indications towards the itinerary for the Fed's stimulus program. The Dow futures are rising 20 points, the S&P 500 Index futures are moving up 4.10 points and the Nasdaq 100 futures are adding 8.25 points. U.S. stocks succumbed to the negative sentiment generated by weak financial results reported by Cisco Systems and Wal-Mart (WMT) and fears concerning the withdrawal of stimulus in the wake of some strong data. On the economic front, the Commerce Department is scheduled to release its housing starts report for July at 8:30 am ET. Economists estimate housing starts to come in at a seasonally adjusted annual rate of 900,000 in June, while building permits are expected at 935,000.