Stock index futures rose slightly on Friday despite disappointing results from Microsoft Corp
The rise in nominal value of S&P futures notwithstanding, their fair value edged lower, indicating a lack of conviction in the market's direction.
Winding down a week loaded with quarterly reports from bellwethers in many sectors of the economy, Schlumberger Ltd
Other companies reporting results on Friday include Ingersoll-Rand Co
S&P 500 futures were up 2.8 points but were below 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 21 points and Nasdaq 100 futures gained 2 points.
Economic data on tap includes the Reuters/University of Michigan consumer sentiment index for July due at 9:55 a.m.
After Thursday's closing bell, Microsoft posted a steeper than expected 17 percent drop in quarterly revenue. Its shares tumbled 7 percent to $23.75 in premarket trade.
American Express Co
U.S. stocks surged Thursday, driving the Dow industrials above the key 9,000 mark for the first time since January, as strong corporate profits and rebounding home sales spurred optimism about the economy.
(Reporting by Rodrigo Campos; editing by Jeffrey Benkoe)