Stocks set for higher open as oil prices fall

NEW YORK (CNNMoney) — U.S. stocks were set for a higher open Friday, after oil prices fell from the previous session’s high of $103 per barrel.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were higher ahead of the opening bell. Futures measure current index values against perceived future performance.

On Thursday, stocks rebounded from afternoon lows and finished with small losses, as oil prices retreated from two-year highs above $100 a barrel.

All three major indexes are on track for their worst week since August. Despite the pullback, stocks are still higher for the month of February and the year.

The Dow has posted losses for three consecutive sessions, losing 285 points this week, or 2.5%. Monday and Tuesday’s plunges were the first back-to-back triple-digit declines since June.

Economy: Wall Street will get a second reading on U.S. fourth-quarter gross domestic product Friday morning. Economists expect GDP to come in slightly higher, at 3.3% growth.

A final read on February’s University of Michigan consumer sentiment survey also is on the docket. The index is expected to remain unchanged at 75.1.

Companies: Shares of Boeing (BA, Fortune 500) were 5% higher in premarket trading, after the aerospace company won a $35 billion contract from the Air Force late Thursday.

Bailed-out insurer AIG (AIG, Fortune 500) posted an $11 billion profit for the fourth quarter, and $10 billion in earnings for the full year. Shares were up slightly in premarkets.

JC Penney (JCP, Fortune 500) rounds out a retail-heavy week of quarterly results when it reports its earnings before the market open. Analysts surveyed by Thomson Reuters are looking for the department store chain to earn $1.08 a share.

World markets: European stocks rose in morning trading. Britain’s FTSE 100 edged higher 0.2%, the DAX in Germany ticked up 0.4% and France’s CAC 40 gained 1.1%.

Asian markets ended the session mostly higher. The Shanghai Composite was flat, while the Hang Seng in Hong Kong rose 1.8% and Japan’s Nikkei added 0.7%.

Currencies and commodities: The dollar gained strength against the euro, the Japanese yen and the British pound.

Oil for April delivery gained 51 cents to $97.79 a barrel.

Gold futures for April delivery fell $13.20 to $1,402.60 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 3.45% from 3.42% late Thursday.