Wall Street poised for lower open on corporate news, ahead of data
President Barack Obama is due to discuss the economic crisis and bank rescue plan with about 15 executives from the nation's largest banks, including JPMorgan Chase & Co (JPM), Goldman Sachs (GS) and Citigroup (C). The meeting is due to begin at noon Eastern. The session will be the latest in a series of such meetings Obama has had with financial industry representatives and business executives.
Overseas, Asian stock markets were mostly modestly higher Friday, following Wall Street's gains Thursday, but European markets already opened mixed as the U.K. announced its economy contracted 1.6 percent in the fourth quarter, deeper than previously estimated as consumer spending and construction slumped the most since 1980.
At 8:30 a.m. Eastern, February's report on personal income and spending is due out. Personal income is expected to have slipped 0.1 percent in February, after rising 0.4 percent the prior month, according to Briefing.com. Personal spending is expected to rise 0.2 percent in February, after an increase of 0.6 percent the prior month. The report includes the Fed's favored inflation gauge, the PCE core deflator.
At 10:00 a.m., March University of Michigan's consumer sentiment index is due.