* Lawmakers work overnight to reach financial reform deal
* Oracle rises after results beat expectations
* Futures up: S&P 3.7 pts, Dow 23 pts, Nasdaq 3.25 pts
* For up-to-the-minute market news see []
(Writes through, updates prices, adds details, quote,
byline)
By Leah Schnurr
NEW YORK, June 25 (Reuters) - U.S. stock index futures rose
on Friday as investors digested a historic agreement by U.S.
lawmakers to overhaul financial regulations and awaited final
readings on gross domestic product and consumer sentiment.
U.S. lawmakers hammered out a rewrite of Wall Street rules
in the early hours, though the reform must still win approval
from both chambers of Congress before U.S. President Barack
Obama can sign it into law. For details, see []
Among the reforms, under a modified "Volcker rule" banks
would face stricter limits on risky trading and investing, but
could make small investments in private equity and hedge funds.
Shares of major banks rose in premarket trade, including Bank
of America Corp <BAC.N> up 2 percent at $15.32 and Goldman
Sachs Group Inc <GS.N> adding 1.6 percent to $137.17.
[]
"They tried to water it down, but still there's enough
regulation in there that it's going to affect banks, it's going
to affect their profitability," said Chris Hobart, founder of
Hobart Financial Group in Charlotte, North Carolina.
"On the flip side, the simple fact that's it's settled, or
is about to be once it passes through the rest of the
processes, at least we know what we have."
S&P 500 futures <SPc1> added 3.7 points and were above fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures <DJc1> rose 23
points, and Nasdaq 100 futures <NDc1> gained 3.25 points.
Technology shares will be in focus after Oracle Corp
<ORCL.O> reported quarterly profit that beat expectations as
sales of new software rose. Oracle was up 5 percent at $23.30.
[]
But BlackBerry maker Research in Motion Ltd's <RIM.TO>
<RIMM.O> reported shipments and subscribers fell short of
expectations, flaming fears it is losing market share to rivals
like Apple Inc <AAPL.O>. Its U.S. shares slumped 5 percent to
$55.70. []
The final estimate of first-quarter gross domestic product
will be released at 8:30 a.m. EDT (1230 GMT). Economists in a
Reuters survey forecast 3.0 percent annualized growth, in line
with the previous reading. See []
The final reading for June consumer sentiment is expected
at 9:55 a.m. EDT (1355 GMT), with investors expecting a reading
of 75.5, also in line with the preliminary figure.
Ahead of the weekend G20 summit in Toronto, officials
downplayed differences between the United States and Europe
over how quickly to shift from crisis-fighting mode to
budgetary belt-tightening. []
Concerns over BP Plc's <BP.L><BP.N> ability to pay the
rising cost of the oil spill in the Gulf of Mexico sent its
U.S.-listed shares down 5.3 percent to $27.21 premarket. The
stock looked set to extend a 14-year low.
BP said the relief well was on track and estimated it has
spent $2.35 billion to respond to the biggest U.S. oil spill
ever. []
The S&P 500 fell for the fourth straight day on Thursday,
hurt by fresh signs of consumer weakness and worries about
stringent financial regulation.
(Editing by Jeffrey Benkoe)
