U.S. stock index futures edged lower on Friday after Google earnings failed to meet lofty expectations, but strong results from GE and Bank of America stemmed declines.
General Electric Co
GE is like a mini corporate America when you think of all the things that they touch. When you can get this sort of nice clean report, it's a pretty good signal that earnings season should be better than expected this first quarter, said Arthur Hogan, chief market analyst at Jefferies & Co in Boston.
Bank of America Corp
The events today that are going to drive the market are earnings, earnings and then there are earnings, said Kim Caughey, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.
S&P 500 futures shed 2.5 points and 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 lost 15 points, and Nasdaq 100 futures dropped 5.25 points.
Phase Forward Inc
Continental Airlines Inc
Economic data scheduled for Friday include March housing starts and University of Michigan sentiment data for April.
European stocks ticked higher as industrials gained after strong results from SKF
Asian stocks pulled back from 22-month highs and higher-yielding currencies fell as investors booked profits after risky assets ran up in recent sessions on the strength of solid economic data.
U.S. stocks posted a sixth straight day of gains on Thursday as an encouraging profit forecast from United Parcel Service Inc
(Reporting by Chuck Mikolajczak; additional reporting by Edward Krudy; editing by Jeffrey Benkoe)