By msnbc.com news services
Wall Street stocks slipped Friday in a light day on the economic calendar, but S&P futures were still on track to close their ninth straight week of gains, the longest such run since January 2004.
"This has been a straight up move in prices, and it is unusual for that to continue," said Rick Meckler, president of investment firm LibertyView Capital Management in New York.
"In order to avoid (a pullback) we need a continued flow of good news, and there aren't many earnings forecasts coming in right now, which could be the next push," Meckler said. "People will focus on possible negatives and right now the biggest out there is oil prices."
U.S. crude oil futures hovered near $108 a barrel a day after hitting a 10-month high above $110 on supply concerns in the Middle East.
Aides to U.S. President Barack Obama and Israeli Prime Minister Benjamin Netanyahu are scrambling to bridge differences over what Washington fears could be an Israeli attack on Iran's nuclear sites, a concern at the heart of the recent spike in oil prices. Both leaders will meet on Monday.
The U.S. dollar's strength against the yen and the euro could continue to pressure oil and other commodity prices.
Yelp Inc's initial public offering of class A common stock priced at $15 a share, above the expected price range, valuing the U.S. consumer review website at nearly $900 million.
U.S. food and drink maker Sara Lee Corp will pay a special $3 dividend after it completes the spin-off of its coffee and tea business, expected by the end of June. Shares rose 5.7 percent to $21.56 in light premarket trading.
Shares of Shutterfly Inc jumped near 14 percent to $30.82 after bankrupt Eastman Kodak agreed to sell its online photo services business to Shutterfly for $23.8 million.
Reuters contributed to this report.
