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AP
U.S. Stocks Head for Sharply Lower Open
Friday June 22, 7:18 am ET
By Tim Paradis, AP Business Writer
U.S. Stocks Head for Sharply Lower Open as Bond Yields Remain Elevated, Stocks Fall Overseas
GOING DOWN
NEW YORK (AP) -- Wall Street headed for a lower open Friday as bond yields remained elevated and stocks fell overseas.
The expected pullback a day after sizable gains would characteristically cap the type of seesaw weeks Wall Street has seen lately as it has dealt with concerns about interest rates.
Friday's session, unusually devoid of economic or earnings data, will draw some attention with the initial public offering of a stake in the management arm of Blackstone Group LP. The most talked-about IPO since Google Inc. went public values the buyout shop at $33 billion. The company begins trading on the New York Stock Exchange under the symbol BX.
The session comes ahead of a busy week in which the Federal Reserve meets and in which investors will receive several readings on the housing sector and the final report on economic growth in the first quarter, with release of the gross domestic product.
Dow futures expiring in September fell 32, or 0.23 percent, to 13,628, while S&P 500 futures fell 4.80, or 0.31 percent, to 1,531.00. Nasdaq 100 index futures fell 6.50, or 0.33 percent, to 1,959.25.
Overseas, Japan's Nikkei stock average fell 0.28 percent, while the sometimes-volatile Shanghai Composite Exchange fell 3.3 percent. Britain's FTSE 100 fell 0.31 percent, Germany's DAX index fell 0.20 percent, and France's CAC-40 fell 0.06.
Bonds rose, with the yield on the benchmark 10-year Treasury note falling to 5.19 percent from 5.20 percent late Thursday.
Light, sweet crude fell 23 cents to $68.42 per barrel in premarket electronic trading on the New York Mercantile Exchange.
On Thursday, stocks fluctuated before ending higher, with the Dow industrials recovering 56 points following a 146-point tumble on Wednesday.
New York Stock Exchange:
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