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JPMorgan, Wynn Resorts Lead As Stocks, Oil Grope For A Rebound

JPMorgan bounced hard early Friday as financials fought to recover from Thursday's heavy selling. (TK Kurikawa/Shutterstock.com)

Stocks futures were positive and ticking higher ahead of Friday's open as a number of stocks and commodities sought to rebound from Thursday's tough day of trade.

Dow futures nosed 1.1% above fair market value. S&P 500 and Nasdaq 100 futures pushed up 1.2%. Russell 2000 futures showed a 1% gain.

The stock market today rolls into Friday's session with the Nasdaq down 2.2%, the S&P 500 down 2.7% and the Russell 2000 toting a 3.2% loss for the week.

Early economic news showed retail sales up 0.2% in January, up 0.1% minus autos, the Commerce Department said. Both numbers were in line with expectations. The department also revised December's sales growth upward to 0.2%.

The Labor Department reported January export prices slipped 0.8%, import prices dipped 0.2%, vs. December drops of 0.8% and 1,1%, respectively. Economists projected a 1.4% decline in import prices and a 0.6% drop for exports.

At 10 a.m. ET, the Commerce Department reports December business inventories, and the University of Michigan delivers its initial estimate on consumer sentiment.

Bonds eased. The dollar rose. Crude oil bounced 5% off Thursday's 13-year low. That put West Texas Intermediate near $28 a barrel -- down 11% for the week -- but Friday's early rebound sent energy stocks to many of the top premarket gains among S&P 500 issues.  Baker Hughes (BHI) reports its weekly rig count at 1 p.m.

Gold eased 1% to below $1,238 an ounce, about 7% above its week-ago settle. As a group, gold and silver mining stocks were up more than 10% for the week, although Yamana Gold (AUY) and Newmont Mining (NEM) pulled back slightly before Friday's open.

Overseas market action was mixed. Europe's markets traded up between 1.5% and 2% near midday. For the week, London's FTSE 100 tacked toward a 3.6% loss. Frankfurt's DAX was down 4.2% and the CAC 40 in Paris swung toward a 5.9% decline.

In Japan, Tokyo's Nikkei 225 crumbled 4.8% Friday, leaving it down 11.1% for the week. In Hong Kong, which reopened Thursday, the Hang Seng index slipped 1.2% Friday for a 5% drop in its short week. Markets in Shanghai and Shenzhen reopen Monday.

Many influential U.S. stocks were bucking for rebounds. JPMorgan (JPM) bounced nearly 4%, Goldman Sachs (GS) jumped 2% to lead the Dow in premarket action. Both banks dived 4%  in heavy trade Thursday.

Apple (AAPL) traded a fraction higher after ending Thursday's session with a 0.3% loss this week.  Boeing (BA) marked the Dow's only premarket decline, down 0.4% following its 7% flameout in massive trade on Thursday.

Wynn Resorts (WYNN) rolled a 4% gain as its fourth-quarter earnings, reported late Thursday, contracted less than expected by analysts. Revenue fell slightly more than expectations that followed the company's preannounced results. Revenue from Macau declined 27% and from Las Vegas increased 3.8% for the year.

Video game leader Activision-Blizzard (ATVI) caved 10% after its late-Thursday report showed Q4 earnings and revenue below consensus projections, as well as weak Q1 guidance. Shares ended Thursday in a test of resistance at their 200-day moving average, 24% below their Dec. 29 high.

Four-in-five stocks on the IBD 50 list held flat before the starting bell. Starbucks (SBUX) notched the group's biggest advance, up 1.4%. The stock had narrowed a 3% loss to less than 1% on Thursday, ending the session up 0.8% for the week. Shares are feeling for the bottom of a shallow, four-month consolidation.

Ireland-based budget airline Ryanair Holdings (RYAAY) ruddered down 2.5% to the bottom of the list.  The stock ended Thursday up more than 4% for the week, vying for its first weekly gain since December. In the process, it retook its 200-day moving average, but in weak trade, hinting at the start of the right side of a seven-week consolidation.

Image provided by Shutterstock.