Stock index futures pointed to a mixed open on Friday as disappointing results from Microsoft Corp
Nominal value of S&P futures rose, but fair value edged lower, indicating a lack of conviction in the market's direction.
The futures recovery after a steep market drop late Thursday following Microsoft and Amazon results is very impressive, said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.
It's pretty good that the market is shrugging off the bad news, at least in the premarket session, he said.
Mendelsohn said breaking through a key technical resistance level in the S&P 500 on Thursday, as well as follow-through from Asian and European equity markets are giving Wall Street support.
S&P 500 futures were up 2.4 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 29 points and Nasdaq 100 futures shed 0.25 points.
The S&P 500 closed Thursday at its highest since the Election Day in November. The Nasdaq has risen for 12 straight days, its longest run since 1992.
Economic data on tap includes the Reuters/University of Michigan consumer sentiment index for July due at 9:55 a.m EST.
Winding down a week loaded with quarterly reports from bellwethers in many sectors of the economy, Schlumberger Ltd
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
Treasury Secretary Timothy Geithner, Federal Reserve Chairman Ben Bernanke and FDIC Chairman Sheila Bair are among those testifying before the House Financial Services Committee hearing on regulatory reform in Washington at 10:30 a.m.
(Reporting by Rodrigo Campos; editing by Jeffrey Benkoe)