By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- U.S. stock futures slipped Friday before
Federal Reserve Chairwoman Janet Yellen was set to capture center
stage at a high-profile gathering of the world's central
bankers.
Futures for the Dow Jones Industrial Average (DJU4) were off 2
points at 17,014, while those for the S&P 500 index (SPU4) shed
1 point to 1,988.90. Nasdaq 100 index (NDU4) futures gave up less
than 1 point at 4,047.00.
The major benchmarks are on track to log weekly advances of at
least 1.5% each. Thursday's session ended with the S&P 500
Index (SPX) marking its 28th record closing high this year and the
Nasdaq Composite (RIXF)ending at its highest level since March 31,
2000.
Journey to Jackson Hole: Yellen, at her speech at the annual
gathering of central bankers in Wyoming, is expected to focus on
the labor market. Her remarks are slated to begin at 10 a.m.
Eastern Time. Yellen has previously outlined the lineup of
indicators she's watching to gauge the health of the labor market,
including wages and the number of people working part time who want
to work full-time.
The "hawkish noises coming out of the recent [Fed] meeting
minutes will add extra spice to what Yellen has to say," said
Richard Perry, market analyst at Hantec Markets, in a Friday note.
"It would be surprising if she did anything other than hold a
steady ship and that the Fed will maintain an accommodative
monetary policy for a considerable period of time."
Minutes of the Fed's meeting in July, released this week, showed
senior officials are becoming increasingly divided on how fast the
labor market is improving. But many Fed policy makers believe more
improvement is needed before they begin raising interest rates,
said Perry.
Several regional Fed presidents, including San Francisco Fed
President John Williams and St. Louis Fed President James Bullard,
will offer their own views on the outlook of monetary policy.
Also set to speak Friday is European Central Bank President
Mario Draghi, and Bank of Japan Governor Haruhiko Kuroda was
expected to address reporters.
There are no major economic reports on Friday's schedule.
Stocks to watch: Ahead of the bell, Foot Locker (FL) is expected
to report earnings of 54 cents a share for its second quarter,
according to a FactSet consensus estimate.
Gap (GPS) shares late Thursday rose after the apparel maker's
quarterly adjusted earnings of 70 cents a share came in a penny a
share ahead of expectations.
Ross Stores (ROST) said second-quarter earnings rose 12%. The
discounter also raised its full-year earnings projection.
Clothing retailer Aéropostale (ARO) forecast a
wider-than-expected loss for the fiscal third quarter.
GameStop (GME) shares climbed in Thursday evening after the
videogame retailer's third-quarter earnings forecast outpaced
estimates.
Other markets: Oil futures (CLV4) slipped and gold futures
(GCZ4) edged up. In Asia overnight, Japan's Nikkei Average broke a
nine-session winning streak, and in Europe, the Stoxx 600 was
modestly lower.
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