Stocks set to open higher on earnings, dollar drop

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By Angela Moon

NEW YORK (Reuters) - Wall Street was set for a higher open on Friday after solid earnings from Walt Disney Co and JC Penney Co Inc, following the first losing day in seven sessions for blue chips.

The U.S. dollar <.DXY>, which rallied in the previous session, resumed its decline against other currencies after data showed the U.S. trade deficit widened by the most in more than 10 years, pushing up riskier assets like stocks and commodities.

Disney rose 1.9 percent to $29.61 in premarket after the company reported fourth-quarter profit and revenue late on Thursday that topped Wall Street's estimates.

JC Penney also reported third-quarter earnings that beat expectations, a day after retail giant Wal-Mart Stores Inc posted higher-than-expected quarterly profit. JC Penney shares were up 5 percent before the bell at $30.85.

Retailer Abercrombie & Fitch Co also posted a higher-than-expected profit and its stock jumped 6.7 percent to $39.22 in premarket trade.

"The earnings are shedding positive light in the area of consumer recovery and fortifying the belief that we may have seen the worst," said Andre Bakhos, president of Princeton Financial Group in North Brunswick, New Jersey.

On U.S. trade gap data, he said: "One would have thought, given the where the U.S. dollar is, that the gap would've contracted ... it's a bit disappointing but definitely good for stocks."

S&P 500 futures gained 0.9 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 rose 3 points, and Nasdaq 100 futures added 2 points.

The U.S. trade deficit widened in September by an unexpectedly large 18.2 percent as oil prices rose for the seventh straight month and imports from China bounded higher, a U.S. government report showed on Friday.

The Reuters/University of Michigan preliminary November Surveys of Consumers, set for release at 9:55 a.m. EST, is expected to show consumer sentiment ticking up to a reading of 71.0 from a final October reading of 70.6.

(Editing by Padraic Cassidy)

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