* Energy stocks up on rise in oil above $65
* Worries about Treasury yields ease
* Futures up: Dow 66 pts; S&P 6.2 pts, Nasdaq up 14.75 pct
* For up-to-the-minute market news click []
(Updates to early morning, adds prices)
By Chuck Mikolajczak
NEW YORK, May 29 (Reuters) - U.S. stock index futures
pointed to a higher open on Wall Street on Friday ahead of
another round of key economic data, putting the S&P 500 on pace
for its third straight monthly gain, its longest streak since
late 2007.
The U.S. Commerce Department is due to release its
preliminary (second) first-quarter estimate of Gross Domestic
Product at 8:30 a.m. (1230 GMT). Economists in a Reuters survey
forecast a 5.5 percent annualized decline compared with a 6.1
percent decline in the advance estimates.
The department is also scheduled to release preliminary Q1
corporate profits.
Other economic data for Friday includes the May index of
manufacturing activity from the Institute of Supply Management
Chicago due for release 9:45 a.m (1345 GMT) and the
Reuters/University of Michigan Surveys of Consumers final May
consumer sentiment index set to be released at 9:55 a.m. (1355
GMT).
"Certainly the current data here is not all that
encouraging, but the parts that are encouraging is more the
consumer view of the market more than the actual fundamentals,"
said Rick Meckler, president of LibertyView Capital Management,
in New York.
"If investors could see some numbers that appear to really
establish a recovery pattern the markets could start to set
some new recent highs."
S&P 500 futures <SPc1> rose 6.20 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> added 66
points, while Nasdaq 100 <NDc1> futures gained 14.75 points.
As General Motors <GM.N> hurtles toward bankruptcy, the
Obama administration estimates that a it would take at least 60
to 90 days and perhaps longer to complete, a senior official
said on Thursday. For details, see [].
The automakers shares rose 3.6 percent to $1.16 in
premarket trade.
Analysts have been concerned about the far-reaching
implications a GM bankruptcy could have on the auto industry
and the global economy.
Auto parts supplier Delphi Corp <DPHIQ.PK> may soon emerge
from bankruptcy with the Obama administration's autos industry
taskforce pushing for a sale of its assets, possibly to another
parts supplier or an investment firm, the New York Times said,
citing people briefed on the matter. []
European shares advanced early on Friday, with gains
virtually across all sectors, after U.S. stocks climbed
overnight and Asian markets followed suit ahead of U.S. data
later in the session. []
As earnings season draws to a close, Dell Inc <DELL.O>, the
world's No. 2 PC maker, narrowly topped analysts' expectations
for sharply reduced profit late Thursday but did not give a
detailed financial outlook. []. Shares rose 1.1
percent to $11.60 in premarket trade.
Also on the earnings front, the upscale jeweler Tiffany &
Co <TIF.N> shed 0.3 percent to $28.05 in premarket trade after
it posted a 62 percent drop in quarterly profit on Friday, but
earnings matched analysts' estimates. []
Through Thursday, 98 percent of S&P 500 companies had
reported earnings, with 65 percent topping analysts'
estimates.
On Thursday U.S. stocks climbed, with the Dow Jones
industrial average <> up 1.25 percent and the S&P 500
<.SPX> rising 1.5 percent, as higher oil prices drove up energy
shares and falling yields in the bond market eased concerns
that higher borrowing costs would hinder economic recovery.
Since hitting a 12-year low in early March, the Dow has
gained more than 28 percent and the S&P 500 has risen 34
percent.
