Futures Pointing To Modestly Higher Open On Wall Street

(RTTNews) - Stocks may move to the upside in early trading on Friday, extending the upward move seen over the course of the two previous sessions. The major index futures are currently pointing to a modestly higher open for the markets, with the Dow futures up by 9 points.

The markets may benefit from a positive reaction to quarterly results from Hewlett-Packard (HPQ), with the tech giant posting a slim gain in pre-market trading.

After the close of trading on Thursday, HP reported second quarter earnings that were in line with estimates, although its revenues came in below expectations. The company also revealed plans to cut 16,000 more jobs.

Not long after the open, trading could also be impacted by the Commerce Department's report on new home sales in the month of April.

Economists expect new home sales to jump 9.4 percent to an annual rate of 420,000 in April after plunging 14.5 percent to a rate of 384,000 in March.

Nonetheless, trading activity may be somewhat subdued on the day as some traders look to get a head start on the long Memorial Day weekend.