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Futures Drift Lower as Tech Earnings Slip

Futures indicated a lower open for Wall Street on Friday, probably due to earnings exhaustion, as after-the-bell reports from American Express, Amazon.com and Microsoft disappointed investors.

Wall Street has some notable streaks going as the week draws to a close. By rising for the 12th consecutive session, the Nasdaq is having its longest winning streak since a 13-day rise ending in January of 1992.

The Dow, the S&P 500, and the Nasdaq all reached fresh 2009 closing highs Thursday, and are at their highest since November (Dow and S&P 500) or October (Nasdaq).

  • Dow 30: After-Hour Quotes
  • Pre-Markets/Futures Data
  • That positive momentum could face a test from Microsoft's latest earnings report: the software giant's stock tumbledon a sharp drop in revenue. Shares were off more than 7 percent in premarket trading.

    Dow component American Express did beat forecasts with its latest earnings, but those shares also came under pressure as revenue missed estimates. Shares were off nearly 5 percent premarket.

    Amazon.com also beat estimates, but it, too, is under pressure as other aspects of its quarterly report disappointed investors. Amazon shares fell 6.6 percent premarket.

    Dow and S&P futures were slightly below fair market value, while the Nasdaq tech gauge was under more pressure.

    On the plus side, energy exploration company Schlumberger saw its shares gain more than 1 percent premarket after it reported earnings of 68 cents a share that, though representing a 57 percent annualized drop, beat expectations.

    The earnings calendar is much lighter than Thursday's extremely full docket. Among the reports we'll get this morning: Black & Decker, Exelon, Fortune Brands and T. Rowe Price.

    As is usually the case on Fridays, there are no after-the-bell earnings reports of note.

    One economic report of note this morning: At 9:55 am New York time the University of Michigan issues its consumer sentiment index for July, with economists looking for a reading of 65, compared to the final June reading of 70.8.

    — Peter Schacknow, CNBC Senior Producer, contributed to this report

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