US STOCKS-Wall St set to rise with all eyes on currencies

* Euro gains against dollar as G20 discussions underway

* SanDisk shares jump a day after earnings

* Futures: Dow up 36 pts, S&P up 5 pts; Nasdaq up 11.5

* For up-to-the-minute market news see [STXNEWS/US]
(Updates prices)

By Rodrigo Campos

NEW YORK, Oct 22 (BestGrowthStock) – U.S. stock indexes were set to
rise at the open on Friday as a Group of 20 nations meeting
that sought a common path to manage global trade, currency and
macroeconomic imbalances kept investors skittish and markets
choppy.

S&P 500 futures sent a bullish signal as the index’s 50-day
moving average crossed above its 200-day moving average, a
technical event known as a golden cross. That upward momentum
indicator last occurred in June 2009, and futures rose about 35
percent in the following 10 months.

“The G20 is the main story and everyone is following
currencies,” said Peter Boockvar, equity strategist at Miller
Tabak & Co in New York.

“Currencies are single-handedly moving markets around —
outside earnings.”

S&P 500 futures (SPc1: ) rose 5 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: ) rose 36
points, and Nasdaq 100 futures (NDc1: ) added 11.5 points.

Boosting Nasdaq futures, SanDisk Corp (SNDK.O: ) gained 4
percent and Baidu Inc (BIDU.O: ) gained 4.6 percent in premarket
trading a day after both companies posted results.

The U.S. dollar zigzagged against a basket of currencies
(.DXY: ) on wariness over what, if any, deal would be reached at
the G20 rich and emerging nations meeting in South Korea. The
euro rose but also traded choppily against the greenback.
[ID:nTOE69L00U]

Equity markets have traded of late in tandem with the euro,
with S&P futures rising along with Europe’s single currency.
For a Q&A, see [ID:nN2199257].

Schlumberger Ltd (SLB.N: ), the world’s largest oilfield
services provider, reported a jump in quarterly profit and its
shares rose 2 percent in premarket trading.

Verizon Communications Inc (VZ.N: ) and diversified
manufacturer Honeywell International Inc (HON.N: ) dipped after
posting results.

AIA, the Asian life insurance arm of American International
Group Inc (AIG.N: ), is set to raise $17.9 billion after pricing
its Hong Kong initial public offering at the top of its
expected range. AIG shares rose 1.7 percent premarket.
[ID:nTOE69K099]

Two top U.S. Federal Reserve officials gave competing views
on the need for more stimulus for the economy, continuing a
public debate over further monetary easing, even though the
Fed’s core view appears to favor such a move. [ID:nN21128261]

Growing speculation in recent weeks that the Fed will
extend the quantitative easing measures at its next meeting in
November has pressured the dollar while boosting equities, but
uncertainty over the extent of the stimulus has caused some
market volatility.

Wall Street edged higher in a choppy session on Thursday,
buoyed by robust earnings, but a firmer U.S. dollar limited
gains.
(Editing by Padraic Cassidy)

US STOCKS-Wall St set to rise with all eyes on currencies