By RTT News,
February 14, 2014, 08:56:00 AM EDT
(RTTNews.com) - After turning higher over the course of the previous session, stocks could see some further upside in early trading on Friday. The major index futures are currently pointing to a slightly higher open for the markets, with the Dow futures up by 14 points.
Stocks may attempt to extend the upward trend seen over the past few sessions, which has helped the markets to recover from the sell-off seen in late January.
While the Dow remains well off the record closing high set on the final trading day of 2013, the tech-heavy Nasdaq has climbed within striking distance of the thirteen-year highs it set last month.
On the economic front, the Labor Department recently released a report showing that U.S. import prices unexpectedly ticked higher in the month of January.
The report said import prices inched up by 0.1 percent in January following a revised 0.2 percent increase in December. Economists had expected import prices to edge down by 0.1 percent compared to the unchanged reading originally reported for the previous month.
Additionally, the Labor Department said export prices rose by 0.2 percent in January after climbing by 0.4 percent in December. Export prices had been expected to tick up by 0.1 percent.
Trading could also be impacted by the release of the Federal Reserve's report on industrial production in January. Economists expect production to increase by about 0.3 percent.
Reuters and the University of Michigan are also scheduled to release the results of their preliminary consumer sentiment survey for February. The consumer sentiment index is expected to dip to 80 from 81.2 in January.
Among individual stocks, shares of LCA-Vision ( LCAV ) are moving sharply higher in pre-market trading after the provider of laser vision correction services agreed to be acquired by PhotoMedex ( PHMD ) for $5.37 per share in cash or approximately $106.4 million.
Campbell Soup ( CPB ) may also see early strength after reporting better than expected second quarter results. The soup maker also reaffirmed its full-year guidance.
On the other hand, shares of Weight Watchers ( WTW ) are likely to come under pressure after the weight loss company reported weaker than expected fourth quarter earnings and provided disappointing guidance.
After coming under pressure at the start of trading on Thursday, stocks staged a substantial turnaround over the course of the trading session. The rebound came as traders shrugged off a pair of disappointing economic reports as weather-related.
The major averages moved roughly sideways going into the close, ending the session near their best levels of the day. The Dow rose 63.65 points or 0.4 percent to 16,027.59, the Nasdaq jumped 39.38 points or 0.9 percent to 4,240.67 and the S&P 500 climbed 10.57 points or 0.6 percent to 1,829.83.
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