WASHINGTON (dpa-AFX) - Stocks may move to the downside in early trading on Friday, giving back ground after the Dow jumped to its highest level in well over a year in the previous session. The major index futures are currently pointing to a modestly lower open for the markets, with the S&P 500 futures down by 0.2 percent.
Traders may look to cash in on yesterday's gains, which also saw the S&P 500 reach its best closing level in four months.
Overall trading activity may be somewhat subdued, however, as traders await remarks by Federal Reserve Chair Jerome Powell.
Later this morning, Powell is scheduled to participate in a fireside chat with Spelman College President Helene Gayle.
Powell and Fed Governor Lisa D. Cook are also due to participate in a roundtable discussion at Spelman College later in the day.
Traders will be looking to Powell's comments for additional clues about the outlook for interest rates amid optimism the Fed is done raising rates.
Shortly after the start of trading, The Institute for Supply Management is scheduled to release its report on manufacturing activity in the month of November.
The ISM's manufacturing PMI is expected to inch up to 47.6 in November from 46.7 in October, although a reading below 50 would still indicate a contraction.
The Commerce Department is also due to release its report on construction spending in the month of October. Construction spending is expected to increase by 0.4 percent.
After ending Wednesday's session narrowly mixed, the major U.S. stock indexes once again moved in opposite directions during trading on Thursday. While the Dow moved sharply higher to reach its best closing level in well over a year, the tech-heavy Nasdaq finished the day in the red.
The Dow jumped 520.47 points or 1.5 percent to 35,950.89 and the S&P 500 rose 17.22 points or 0.4 percent to a four-month closing high of 4,567.80.
Meanwhile, the Nasdaq climbed well off its worst levels of the day but still closed down 32.27 points or 0.2 percent to 14,226.22.
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Friday. Japan's Nikkei 225 Index slipped by 0.2 percent, while Hong Kong's Hang Seng Index dove by 1.3 percent.
Meanwhile, the major European markets have moved to the upside on the day. While the French CAC 40 Index is up by 0.2 percent, the U.K.'s FTSE 100 Index is up by 0.6 percent and the German DAX Index is up by 0.7 percent.
In commodities trading, crude oil futures are inching up $0.10 to $76.06 a barrel after tumbling $1.90 to $75.96 a barrel on Thursday. Meanwhile, after falling $9 to $2,038.10 an ounce in the previous session, gold futures are edging down $1.10 to $2,037 an ounce.
On the currency front, the U.S. dollar is trading at 148.11 yen versus the 148.20 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0873 compared to yesterday's $1.0888.
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