U.S. Index Futures Little Changed as Nike Climbs, Micron Tumbles

U.S. stock-index futures were little changed, after a two-day decline dragged equities toward a weekly loss.

Nike Inc. rose 3.4 percent in Germany after fourth-quarter profit beat estimates. Micron Technology Inc. sank 13 percent in premarket trading after its sales forecast fell short of projections.

Standard & Poor’s 500 Index E-mini contracts expiring in September were unchanged at 2,094 at 10:18 a.m. in London. The stocks gauge fell on Thursday, poised for a weekly drop of 0.4 percent. Dow Jones Industrial Average futures added 12 points, less than 0.1 percent, to 17,824.

The S&P 500 closed within 0.3 percent of a record earlier this week, and is poised for a 10th straight quarterly gain. Still, stocks are trading in a tight range as investors await a resolution to the Greek crisis and assess data for hints about when the Federal Reserve will start raising borrowing costs. The S&P 500 is heading for its longest weekly streak since 1993 without posting a move of more than 1 percent.

With recent economic reports indicating a rebound in U.S. growth in the second quarter, traders are pricing in a rate increase in September, CME Group data based on futures show. A final reading from the University of Michigan at 10 a.m. New York time will confirm that consumer sentiment improved this month, economists projected.

In Greek news, euro-area finance chiefs face competing proposals aimed at breaking a five-month impasse after talks between Prime Minister Alexis Tsipras and creditors failed to produce a compromise. German Chancellor Angela Merkel and French President Francois Hollande said it was crucial for the ministers, reconvening Saturday for their fifth session on Greece in just over a week, to seal a deal.

Source : Bloomberg

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