US Futures Return to Black as Russia May Seek to De-Escalate Conflict; Obama Approves Air Strikes in Iraq


Stock futures had earlier on Friday traded lower after U.S. President Barack Obama authorized air strikes in Iraq, but with reports that Russia may be seeking to ease tension in Ukraine, investors were somewhat appeased and futures moved into positive territory.

In economic data out at 08:30 a.m. ET, non-farm productivity costs are expected to have gained 1.4% in Q2 from Q1 compared to a 3.2% drop in Q1, according to data compiled by Econoday. Unit labor costs are meanwhile expected to have slowed to a 1.6% increase, down from a 5.7% gain in Q1, and within a wide consensus range from 0.3% to 7.5%.

At 10:00 a.m. wholesale inventories are expected to have increased 0.7% in June from May over a 0.5% increase in May. The consensus range is between a 0.3% and a 0.9% increase.

In equities, Nvidia ( NVDA ), which makes graphics chips used in personal computers, rose over 4% after reporting Q2 EPS topped views by one cent and as its Q3 guidance exceeded the average estimate. Social gaming company Zynga ( ZNGA ) meanwhile dropped 10% before the bell, trading at its lowest level since February 2013, after missing the Street view on Q2 revenue and setting its Q3 guidance below estimates.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: NVDA , ZNGA

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