Wall Street was poised for a lower on Friday after earnings from Google failed to meet heightened expectations as GE and Bank of America reported quarterly results.
Bank of America Corp
We would have had a much bigger reaction if the numbers were bad and given people an excuse to take profits, said Frank Lesh, a futures analyst and broker at FuturePath Trading LLC in Chicago. It just serves us to hold in here.
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.
S&P 500 futures shed 5.5 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 19 points, and Nasdaq 100 futures dropped 7.5 points.
U.S. housing starts rose more than expected in March to their highest level since November 2008 and permits to build new homes hit a 17-month high, the Commerce Department said.
Phase Forward Inc
Boston Scientific Corp
The University of Michigan sentiment data for April is expected shortly after the market open.
(Reporting by Chuck Mikolajczak; additional reporting by Edward Krudy; editing by Jeffrey Benkoe)