* Investors pause to reassess April's sharp run-up
* Factory orders, ISM manufacturing among data expected
Shares of MasterCard down
* Futures up: S&P 3.80 pts, Dow 44 pts, Nasdaq 5.50 pts
* For up-to-the-minute market news click []
(Adds details, byline)
By Leah Schnurr
NEW YORK, May 1 (Reuters) - U.S. stock index futures
pointed to a higher open on Friday on optimism the economic
slump is waning, but a reassessment of the recent sharp market
run-up could keep gains in check.
The S&P 500 closed out its best month in nine years,
gaining 9.4 percent for April on growing hopes the worst was
over for the financial sector and recession-hit economy.
"There has been a firm bid under the market," said
Barry Ritholtz, chief market strategist at Fusion IQ in New
York. "We've rallied right up to some major resistance, and you
have to assume that at some point the market is going to have
to catch its breath."
Among companies expected to report earnings are Chevron
Corp <CVX.N>, the second largest U.S. oil company, MasterCard
Inc <MA.N>, the world's second largest credit card network, and
Clorox Co <CLX.N>, which makes the namesake bleach, Glad trash
bags and Brita water filters.
Shares of MasterCard were down 1.3 percent at $181.00 in
premarket trade.
Aon Corp <AOC.N>, the world's largest insurance broker,
reported a rise in profit, helped by restructuring efforts, but
revenue slipped as investment income fell. []
On the data front, new orders received by U.S. factories in
March are expected to have fallen 0.6 percent from a year
earlier after rising 1.8 percent in February, according to the
average forecast of 52 economists polled by Reuters.
Other data on tap for the morning includes readings on the
Institute for Supply Management's April manufacturing index and
the final look at April consumer sentiment.
S&P 500 futures <SPc1> rose 3.80 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> climbed
44 points, and Nasdaq 100 <NDc1> futures added 5.50 points.
Data is also expected to show that U.S. auto sales plunged
to their lowest levels in nearly 30 years in April, with
automakers expected to post declines of at least 30 percent
from a year earlier.
The data comes a day after U.S. automaker Chrysler LLC
<CBS.UL> filed for bankruptcy and entered into an
industry-changing deal with Italy's Fiat SpA <FIA.MI>.
Investors have been encouraged by better-than-expected
first-quarter results that added to hopes companies are also
starting to hit bottom.
Of the 280 companies in the S&P 500 that have reported
earnings to date, 65 percent topped analysts' estimates,
according to data compiled by Thomson Reuters as of Thursday.
However, many of the analysts' estimates had been reduced to
reflect the current economic slump.
On the downside, shares of Hartford Financial Services
Group Inc <HIG.N> lost 12.8 percent to $10.00 before the
opening bell. The insurance company posted a first-quarter loss
after the close on Thursday. [].
MetLife Inc <MET.N> fell in extended trade after the close.
The largest U.S. life insurer also recorded a loss as its
investment income dropped. []
Shares of Citigroup Inc <C.N> were up 3.9 percent at $3.17
ahead of the opening bell. Sumitomo Mitsui Financial Group Inc
<8316.T> will buy the bank's Japanese broker and key investment
banking units for $5.9 billion. [].
Also in the banking sector, Bank of America Corp's <BAC.N>
board is not planning to remove Chief Executive Kenneth Lewis
after he was ousted as chairman, the Journal reported.
[]
The Dow and S&P 500 fell on Thursday after Chrysler's
bankruptcy filing undercut optimism about upbeat corporate
profits and reassuring job market data.
(Reporting by Leah Schnurr)
