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Stocks were set for early losses Friday after declines in Europe, amid concerns about Egypt's future. After weeks of anti-government protests, Egyptian President Hosni Mubarak said late Thursday that he would delegate powers to the vice president, but remain the titular head of his country.
Economy: As expected, the White House proposed a plan Friday morning to wind down beleaguered mortgage backing companies Fannie Mae and Freddie Mac, in an effort to reform the housing market.
The U.S. trade gap widened to $40.6 billion in December (the highest level in three months), according to government data. Analysts expected the trade balance to have widened to $40.4 billion, from $38.3 billion in November.
A report on consumer sentiment from the University of Michigan comes out after the market opens.
Companies: Finnish mobile phone maker Nokia (NOK) announced plans to use Microsoft's Windows Phone 7 smartphone platform, in a bid to compete with Apple's (AAPL, Fortune 500) iPhone and Google's (GOOG, Fortune 500) Android.
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