Stocks set to open modestly higher but Chicago PMI looms

S&P 500 futures are 3 points above fair value after a 3 point gain on Thursday.

The main hurdles for stocks are economic data ahead of the top of the hour. Up first is the Chicago PMI at 945 ET followed by U Mich consumer sentiment at 955 ET. Neither number is likely to change the story in markets but with the taper trade on soft footing, everything counts.

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