US Markets

US stocks set for rebound as Amazon shares surge

Traders look for bounce back

U.S. stock futures pointed to a rebound for Wall Street shares on Friday, following a stronger-than-expected earnings report from online retailer Amazon.

Earnings remain in focus although markets have fewer reports to digest compared with Thursday.

Biogen, Johnson Controls, State Street, Rockwell Collins, American Airlines and VF Corp are all scheduled to post earnings this session, while June new home sales data are out at 10 a.m. ET and Markit's July flash manufacturing PMI is released at 9:45 a.m. ET.

News that China's manufacturing activity tumbled to a 15-month low in July, dealing a blow to Asian stock markets, could temper sentiment on Wall Street. Commodities meanwhile faced further selling with gold prices falling to a new five-year low.

Still, stock futures pointed to a positive open for Wall Street with Dow Jones industrial average futures trading more than 50 points higher in morning London trade.

Amazon shares soared more than 17 percent in after-hours trade on Thursday after the company reported an unexpected quarterly profit.

Read MoreAmazon sales rise 20%, easily top most optimistic estimates

The news from Amazon compares with mostly lackluster earnings on Thursday that pushed U.S. markets broadly lower.

"I like technology here and I like the Nasdaq although we have seen some (earning) misses," Michael Gurka, founder and president of BruinHill Partners told CNBC on Friday. "I am positive on most of these earnings," he added.

In Europe, stock markets opened lower after a volatile week of mixed earnings and a sell-off in commodities.