Stocks headed for a flat open on Friday as upbeat housing data for June counteracted worry over the quality of corporate profits from General Electric Co
With companies like Intel Corp
Futures pared losses after data showed new U.S. housing starts and building permits jumped more than expected in June, propelled by a rise in single-family homes.
The market's going to like (the data). It lends credence to the case that we're working our way through and that we've seen the worst, said Jim Awad, managing director at Zephyr Management in New York.
So far, (earnings season) looks pretty good, but we'll be tested today, he added.
S&P 500 futures were mostly flat but were slightly 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 fell 4 points, and Nasdaq 100 futures rose 1.25 points.
Bank of America Corp
Shares of Google
And shares of Mattel Inc
Wall Street capped four days of gains on Thursday, with the S&P 500 <.SPX> posting so far its best week since early March.
(Additional reporting by Ryan Vlastelica; Editing by Padraic Cassidy)