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Market Update

U.S. Stock Futures Recover After Sharp Sell-Off

U.S. stock futures climbed early Friday as investors seemed to put behind worries about the U.S. Fed Reserve's plan to scale back stimulus program.

Futures on the S&P 500 index moved 12.50 points higher to 1596.5 while those on the Nasdaq index climbed 18.75 points to 2898.75 points.

Global markets took a hit earlier this week after chairman Ben Bernanke said on Wednesday that the Fed would start rolling back its massive $85-billion per month bond-purchase program later this year.

The Dow Jones Industrial fell 2.3% on Thursday, logging its worst percentage drop since September 2011 amid these woes. Concerns about flagging growth in China further soured sentiment after data released in China on Thursday showed industrial activity in the world's second-largest economy declined to a nine-month low during May.

However, these worries began to fade on Friday helped by recovery in some Asian and European bourses. Japan's Nikkei bounced back to close 1.7% while Mumbai's Sensex too ended in the green even as other regional bourses moved off the day's lows. European bourses, too, bounced back after yesterday's heavy sell-off.

No major economic report is due today.

In corporate news, Oracle Corp. reported fourth quarter earnings last evening. The company's shares dropped over 8% in pre-market trades as its sales figures came in lower than expected.