Renewed Ukraine Worries Likely To Weigh On Wall Street - U.S. Commentary

(RTTNews) - With traders expressing renewed concerns about the situation in Ukraine, stocks are likely to come under pressure in early trading on Friday. The major index futures are currently pointing to a lower open for the markets, with the Dow futures down by 55 points.

The downward momentum for the markets comes as traders keep an eye on the latest developments in Ukraine amid concerns about the impact of escalating tensions.

Yesterday's reports of Ukrainian forces killing several pro-Russian militants have raised the specter of a wider conflict, with Russian troops said to be conducting military exercises close to the border.

In remarks Thursday evening, U.S. Secretary of State John Kerry warned Russia that its window to change course is closing and reiterated that Russia faces further sanctions if it refuses to take steps to de-escalate the crisis.

Peter Boockvar, chief market analyst at the Lindsey Group, said, "While U.S. and European stocks yesterday responded to the news of Russian military exercises, that should not have been a surprise as they amassed tens of thousands of troops on the Russian side of the Ukrainian border weeks ago."

"The problem now though is the rhetoric and tension seems to be taking on a new level of height and concern," he added. "The worry entering another weekend is what's weighing on Western European stock markets again and in turn the S&P futures."

A negative reaction to some of the latest earnings news is also likely to weigh on the markets, with auto giant Ford (F) under pressure in pre-market trading after reporting weaker than expected first quarter earnings.

Shares of Amazon (AMZN) are also likely to see early weakness after the online retailer reported first quarter earnings that matched analyst estimates but provided disappointing guidance.

Meanwhile, Microsoft (MSFT) may buck any early downtrend after the software giant reported better than expected fiscal third quarter results.

Not long after the open, Thomson Reuters and the University of Michigan are scheduled to release their final report on U.S. consumer sentiment in the month of April.

With traders weighing upbeat earnings news against concerns about the situation in Ukraine, stocks fluctuated over the course of the trading day on Thursday.

A notable advance by shares of Apple (AAPL) contributed to a strong gain by the tech-heavy Nasdaq, while the Dow ended the day flat.

The Dow ended the session unchanged at 16,501.65, while the Nasdaq climbed 21.37 points or 0.5 percent to 4,148.34 and the S&P 500 edged up 3.22 points 0.2 percent to 1,878.61.

In overseas trading, stock markets across the Asia-Pacific region once again turned in a mixed performance on Friday. Japan's Nikkei 225 Index edged up by 0.2 percent, while Hong Kong's Hang Seng Index tumbled by 1.5 percent.

Meanwhile, the major European markets have all moved to the downside on the day. While the German DAX Index has fallen by 1 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index are down by 0.4 percent and 0.3 percent, respectively.

In commodities trading, crude oil futures are siding $0.27 to $101.67 a barrel after advancing $0.50 to $101.94 a barrel on Thursday. Meanwhile, gold futures are climbing $11.30 to $1,301.90 an ounce. In the previous session, gold rose $6 to $1,290.60 an ounce.

On the currency front, the U.S. dollar is trading at 101.99 yen compared to the 102.32 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.3885 compared to yesterday's $1.3831.