Indications: U.S. stock futures drop; Google up on China news

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By Steve Goldstein and Nick Godt, MarketWatch

NEW YORK (MarketWatch) -- U.S. stock futures gave back some of this week's strong gains Friday as traders position portfolios ahead of the release of second-quarter earnings.

Google rose in premarket trade after the Internet search giant renewed its Chinese license.

Losing early momentum, S&P 500 futures recently fell 1.60 points to 1,065.40 while Nasdaq 100 futures fell 5.50 points to 1,792.50. Futures on the Dow Jones Industrial Average fell 25 points.

U.S. stocks gained ground Thursday, helped by a mixed set of sales reports in the retail sector, a bigger drop in weekly jobless claims than anticipated, as well as optimism from European Central Bank President Jean-Claude Trichet and the International Monetary Fund on the economy.

Global Dow

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The S&P 500 has climbed 4.7% this week, including a 0.9% advance on Thursday.

"Overall, it would probably not be a surprise to see some profit taking on Friday, the question is whether the markets are moving toward a possible reversal already," said analysts at Charles Gawlak & Associates.

There's little on the economic calendar save for wholesale inventories figures in May, due for release at 10 a.m. Eastern. Overseas, Korea made a surprise rate hike and data showed Canada creating more jobs than anticipated in June.

Earnings season kicks off Monday night when Alcoa reports results. A report earlier this week from U.S. bank State Street helped boost enthusiasm for earnings.

Still, whatever hopes there are for earnings season are set against a backdrop of concern over the economy. Rob Carnell, chief international economist at ING, noted that Google searches for "double dip" have taken off, while those for "hyperinflation" have edged lower.

"One result in markets has been a decoupling of the dollar from equity markets, another has been persistent sub-3% yields on 10-year Treasuries," said Carnell. On Friday, yields on 10-year Treasury notes climbed 5 basis points to get back over the 3% mark, to 3.05%, while the dollar index /quotes/comstock/11j!i:dxy0 (DXY 83.94, +0.12, +0.14%) held around the 84 mark.

On a less serious note, the only two times a first-time World Cup winner won on foreign soil, the Dow Jones Industrial Average gained 44% in 1954 and rose 34% in 1958, notes Gary Jenkins, an analyst at Evolution Securities in London. A first-time World Cup winner on foreign soil is guaranteed since either Spain or Holland will take home the soccer title in South Africa on Sunday.

Of companies in the spotlight, Google /quotes/comstock/15*!goog/quotes/nls/goog (GOOG 463.93, +7.37, +1.61%) climbed 3% and Baidu.com /quotes/comstock/15*!bidu/quotes/nls/bidu (BIDU 70.37, -2.06, -2.84%) dropped 5% as the U.S.-based search provider said it's renewed its Chinese license. Google had earlier said it may withdraw from China.

Airgas /quotes/comstock/13*!arg/quotes/nls/arg (ARG 64.67, +0.80, +1.25%) shares fell 0.6% after Air Products /quotes/comstock/13*!apd/quotes/nls/apd (APD 69.38, +0.60, +0.87%) lifted its bid for the company to $63.50 a share in cash, which nonetheless is lower than Thursday's closing price of $63.87.

Madison Square Garden /quotes/comstock/15*!msg/quotes/nls/msg (MSG 19.65, -0.73, -3.58%) shares fell 3.9% in electronic trade as basketball star LeBron James late Thursday confirmed reports that he will join the Miami Heat, rather than the MSG-owned New York Knicks.

GlaxoSmithKline /quotes/comstock/13*!gsk/quotes/nls/gsk (GSK 34.71, -0.20, -0.57%) slipped 2.6% as the European Medicines Agency said it will review the Avandia diabetes drug.

Overseas, Asian stocks enjoyed a strong session, with the Shanghai Composite up 2.3%, while European gains were more muted, with the Stoxx Europe 600 rising 0.2%.

Gold futures added nearly $8 to $1,204.20 an ounce.

Steve Goldstein is MarketWatch's London bureau chief. Nick Godt is MarketWatch's markets editor, based in New York.

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NYSE Arca Morning Update - 08:30:00 ET

NYSE Arca Morning Update for Friday, Jul 9, 2010 :

STOCKS TRADING ON NYSE Arca AT A PRICE 15% OR MORE AWAY FROM
THE PREVIOUS TRADE DAY'S CONSOLIDATED CLOSE PRICE (AS OF 08:30:00 ET)

Stock Thursday's Close Current Price Pct Change Current NYSE ARCA Vol
CPTS $15.81 $12.15 (23.2%) 101,900

10 MOST ACTIVE STOCKS ON NYSE ARCA AS OF 08:30:00 ET

BASED ON DOLLARS TRADED: | BASED ON SHARES TRADED:
Stock $ Volume Price PctChg | Stock Share Vol Price PctChg
SPY $45,227,195 $107.08 ( 0.1%) | C 879,113 $3.98 0.3%
GOOG $33,321,556 $475.04 4.0% | SPY 421,931 $107.08 ( 0.1%)
BIDU $24,843,926 $68.53 ( 5.4%) | BIDU 364,613 $68.53 ( 5.4%)
AAPL $10,417,102 $256.01 ( 0.8%) | BP 298,252 $33.05 ( 2.2%)
BP $9,885,164 $33.05 ( 2.2%) | QQQQ 166,042 $44.14 ( 0.1%)
QQQQ $7,337,197 $44.14 ( 0.1%) | CPTS 101,900 $12.15 (23.2%)
BHP $4,674,160 $66.74 ( 0.1%) | BAC 82,000 $14.83 ( 0.2%)
ACE $4,242,277 $54.99 5.4% | ACE 77,102 $54.99 5.4%
IWM $4,064,028 $61.86 ( 0.2%) | LYG 76,400 $3.75 2.2%
C $3,486,279 $3.98 0.3% | GOOG 70,311 $475.04 4.0%

Price changes may be affected by symbol splits and dividends.

Consolidated close price is the last print (excluding prints with trade
conditions) prior to 4PM ET.

This information is also updated on our web page every morning at 8:35ET:
http://www.tradearca.com/data/volume/daily_update.asp

This material is for informational purposes only.
NYSE Euronext and its affiliates ("NYSE Arca") are not soliciting any action based upon it.
This material is not to be construed as an offer to buy or sell any security in any jurisdiction where such an offer or solicitation would be illegal.
Any opinions expressed in this material are NYSE Arca opinions only.
NYSE Arca undertakes no obligation to update any of the information contained in this material in light of new information or future events.
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Indications: After strong week, U.S. stock futures edge back

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By Steve Goldstein, MarketWatch

LONDON (MarketWatch) -- U.S. stock futures slipped modestly Friday after a strong week, as traders position portfolios ahead of the release of second-quarter earnings.

S&P 500 futures slipped nine-tenths of a point to 1,066.00 and Nasdaq 100 futures fell 2.5 points to 1,795.50. Futures on the Dow Jones Industrial Average declined 18 points.

U.S. stocks gained ground Thursday, helped by a mixed set of sales reports in the retail sector, a bigger drop in weekly jobless claims than anticipated, as well as optimism from European Central Bank President Jean-Claude Trichet and the International Monetary Fund on the economy.

Global Dow

• MarketWatch Topics: Greece • Asia Markets | Europe Markets | Lat. Am. • Canadian Markets | Israel Stocks | London • U.S.: Market Snapshot | After Hours

Tools • Latin American/Canadian indexes • European indexes | Asian indexes

More on the Markets • Bond Report | Oil News | Earnings Watch • Currencies | U.S. Economic Calendar

79118

The S&P 500 has climbed 4.7% this week, including a 0.9% advance on Thursday.

"Overall, it would probably not be a surprise to see some profit taking on Friday, the question is whether the markets are moving toward a possible reversal already," said analysts at Charles Gawlak & Associates.

There's little on the economic calendar save for wholesale inventories figures in May, due for release at 10 a.m. Eastern. Earnings season kicks off Monday night when Alcoa reports results. A report earlier this week from U.S. bank State Street helped boost enthusiasm for earnings.

Still, whatever hopes there are for earnings season are set against a backdrop of concern over the economy. Rob Carnell, chief international economist at ING, noted that Google searches for "double dip" have taken off, while those for "hyperinflation" have edged lower.

"One result in markets has been a decoupling of the dollar from equity markets, another has been persistent sub-3% yields on 10-year Treasuries," said Carnell. On Friday, yields on 10-year Treasury notes climbed 6 basis points to get back over the 3% mark, to 3.05%, while the dollar index /quotes/comstock/11j!i:dxy0 (DXY 83.86, +0.04, +0.05%) held around the 84 mark.

On a less serious note, the only two times a first-time World Cup winner won on foreign soil, the Dow Jones Industrial Average gained 44% in 1954 and rose 34% in 1958, notes Gary Jenkins, an analyst at Evolution Securities in London. A first-time World Cup winner on foreign soil is guaranteed since either Spain or Holland will take home the soccer title in South Africa on Sunday.

Of companies in the spotlight, Airgas /quotes/comstock/13*!arg/quotes/nls/arg (ARG 63.87, +0.37, +0.58%) may be active after Air Products /quotes/comstock/13*!apd/quotes/nls/apd (APD 68.78, +1.04, +1.54%) lifted its bid for the company to $63.50 a share in cash, which nonetheless is lower than Thursday's closing price of $63.87.

Madison Square Garden /quotes/comstock/15*!msg/quotes/nls/msg (MSG 20.38, -1.19, -5.52%) will be in the spotlight as basketball star LeBron James late Thursday confirmed reports that he will join the Miami Heat, rather than the MSG-owned New York Knicks.

Overseas, Asian stocks enjoyed a strong session, with the Shanghai Composite up 2.3%, while European gains were more muted, with the Stoxx Europe 600 rising 0.3%.

Gold futures were little moved around $1,196 an ounce.

Steve Goldstein is MarketWatch's London bureau chief.

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