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U.S. Stock Futures Mixed With Nasdaq Outperforming on Google Earnings

U.S. stock futures were mixed into Friday's open with Nasdaq futures trading with a sizeable gain thanks to upbeat earnings from Google (GOOGL, GOOG) last night, but the S&P 500 and Dow were struggling to stay in the plus column. This morning's data on consumer prices and the housing market failed to generate any significant movement even as both gave the Federal Reserve ammunition to raise interest rates this year.

The nominal consumer price index increased an as-expected 0.3% in June, while the core index, which excludes the volatile food and fuel components, was also as-expected, increasing 0.2%.

Housing starts were up by 9.8% last month to a seasonally-adjusted annual rate (SAAR) of 1.174 million, beating expectations for a SAAR of 1.125 million. May was revised higher as well, to 1.069 million from 1.036 million initially.

Housing permits gained 7.4% in June to 1.343 million, beating the estimated 1.178 million. The month prior was revised downward to 1.250 million from 1.275 million.

Later this morning the University of Michigan releases its preliminary consumer sentiment index for July, expected to decline slightly to 96.0 from June's 96.1.

-Dow Jones Industrial down 0.07%

-S&P 500 futures up 0.04%

-Nasdaq 100 futures up 0.43%

SENTIMENT

Nikkei up 0.25%

Hang Seng up 1.00%

Shanghai Composite up 3.51%

FTSE-100 down 0.24%

DAX-30 down 0.14%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: Mixed

(+/-) Chip stocks: Mixed

(+/-) Software stocks: Flat

(+/-) Hardware stocks: Mixed

(+) Internet stocks: Higher

(-) Drug stocks: Lower

(+/-) Financial stocks: Mixed

(+/-) Retail stocks: Mixed

(+) Industrial stocks: Higher

(+) Airlines: Higher

(+/-) Autos: Mixed

UPSIDE MOVERS:

(+) GOOG (+12.61%) Reported better-than-expected Q2 earnings

(+) ERIC (+4.64%) Posted upbeat Q2 earnings

(+) HON (+1.60%) Q2 results beat street expectations

DOWNSIDE MOVERS:

(-) BBY (-2.58%) Downgraded at Bank of America to underperform from buy, PT cut to $32 from $45

(-) ESV (-1.57%) Conoco Phillips ( COP ) confirmed a notice of termination of 3-year ENSCO DS-9 drillship contract

(-) DPZ (-0.9%) Downgraded at Keybanc to sector weight from overweight

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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