US STOCKS-Wall St set for higher open as Nike provides lift
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* Futures up: Dow 148 pts, S&P 15 pts, Nasdaq 36 pts (Adds quote, updates prices)
By Chuck Mikolajczak
March 20 (Reuters) - U.S. stocks were poised for a higher open on Friday, with the S&P 500 on track to snap a three-week losing skid, buoyed by Nike earnings, as investors assessed the impact of a stronger dollar on corporate earnings.
U.S. stocks fell on Thursday as a stronger dollar weighed on oil and other commodity prices, sending energy and materials sectors lower, to continue a recent pattern of trading sessions alternating between gains and losses that began at the start of the month.
Dow component Nike's rose 5.2 percent to $103.42 in premarket after it posted a quarterly profit that beat market estimates. The world's largest sportswear maker sold more higher margin shoes and apparel, but the company warned Wall Street that the stronger dollar would take a toll on its current quarter.
"There is a tug-of-war going on between current valuations in our market and a lot of bad news being priced into a strong dollar with no good news being priced into a strong dollar," said Art Hogan, chief market strategist at Wunderlich Securities in New York.
"We are taking the multinationals out to the woodshed and not moving consumer names higher." Continuación...