US STOCKS-Wall St to open lower on oil drop, China data

viernes 12 de diciembre de 2014 10:16 GYT
 

* China data disappoints

* Adobe up in premarket after results; to buy Fotolia

* Futures off: Dow 98 pts, S&P 9.5 pts, Nasdaq 23 pts (Adds quote, data)

By Chuck Mikolajczak

NEW YORK, Dec 12 (Reuters) - U.S. stocks were set for a lower open on Friday, putting the benchmark S&P 500 on track to snap seven straight weeks of gains, after oil prices fell and Chinese data disappointed.

The S&P index had snapped a three-day skid on Thursday, buoyed by upbeat retail sales figures and other data that pointed to a strengthening U.S. economy, but finished well off its session highs as oil prices slipped.

Weak oil prices have added to worries about global demand and raised concerns about earnings for energy companies, with year-end tax selling putting more pressure on the group. The S&P energy sector has shed 14.7 percent this year and is the worst performing of the 10 major S&P sectors.

"It's all about the pendulum swing, it works both ways, you can see that $107 in the summertime was ridiculous and now you will see it in the opposite direction, probably towards the $50 range maybe by the end of the year and it's all sentiment based," said Terry DuFrene, global investment specialist J.P. Morgan Private Bank in New Orleans.

Futures pared gains slightly after data showed producer prices fell 0.2 percent in November and were muted even outside of energy. The data may influence the U.S. Federal Reserve's thinking on whether to adjust its pledge to keep interest rates near zero for a "considerable time."   Continuación...