Wall Street stock futures rise after pullback

March 20
8:39 AM 2015

U.S. stock index futures climbed on Friday after a one-day pullback as investors were reassured by a reform pledge by Greece to its EU creditors that could help avert a cash crunch.

* The benchmark S&P 500 index is on pace for its first weekly gain after three weeks of losses.

* U.S. stocks fell on Thursday as a stronger dollar weighed on oil and other commodity prices, sending energy and materials sectors lower, a day after Federal Reserve statements appeared to be more dovish than expected even as it opened the door for a Fed funds rate hike as soon as in June.

* Greek Prime Minister Alexis Tsipras said during late-night crisis talks in Brussels that his leftist-led coalition would present a full set of economic reforms in order to unlock cash to stave off bankruptcy.

* The FTSEurofirst 300 index of top European shares .FTEU3 was up 0.23 percent, bolstered by the Greek comments and gains in the construction sector after Holcim (HOLN.VX) and Lafarge (LAFP.PA) agreed to new merger terms even as the impetus from Wednesday's Fed statement started to ease.

* Biogen Idec shares were up 3 percent at $447 in premarket trading after its experimental drug became the first Alzheimer's treatment to significantly slow cognitive decline and reduce brain plaque in patients with early and mild forms of the disease, according to a small study likely to reignite hopes of a treatment.

* Tiffany & Co. (TIF.N) shares were down 2.7 percent to $84 after it reported fourth-quarter earnings in line with analyst expectations but forecast a 10 percent decline in sales for the first quarter.

Brent crude oil fell toward $54 a barrel on Friday and was on track for its third straight weekly loss, hurt by oversupply worries after Kuwait said OPEC had no choice but to maintain output levels. U.S. crude for April delivery CLc1 slipped 21 cents to $43.75 a barrel, headed for its fifth weekly loss.

Futures snapshot at 7:11 a.m. (1111 GMT):

* S&P 500 e-minis ESc1 were up 7.25 points, or 0.34 percent, with 89,173 contracts changing hands.

* Nasdaq 100 e-minis NQc1 were up 14.75 points, or 0.33 percent, in volume of 14927 contracts.

* Dow e-minis 1YMc1 were up 88 points, or 0.49 percent, with 12,595 contracts changing hands.

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