US pre-open: Stocks seen flat to slightly higher as investors eye bank earnings
US stocks looked set for a flat to slightly higher open on Friday as market participants turned their attention to bank earnings.
At 1130 BST, Dow Jones Industrial Average and S&P 500 futures were steady, while Nasdaq futures were up 0.1%.
Although trade relations between the US and China remained on investors' minds, the focus shifted on Friday to upcoming earnings from banking giants JPMorgan, Citigroup and Wells Fargo.
Oanda analyst Craig Erlam said: "With earnings season getting underway, investors will be looking for reasons to be more optimistic having spent months reading about the risks that a trade war poses to the economy.
"JP Morgan, Citigroup and Wells Fargo will kick things off today and over the coming weeks, investors will be paying close attention not just to the results but also references to trade tariffs and the impact they are expected to have on future results, particularly those that have already been targeted in counter-measures taken or proposed against the US."
Across the pond, US President Donald Trump wasn't exactly getting a warm welcome in the UK as protesters launched a 20-foot tall 'Trump Baby' blimp above Parliament Square ahead of his meeting with the Queen.
Trump sparked a big drop in the pound after saying in an interview with The Sun that if the UK goes ahead with the soft Brexit strategy revealed on Thursday - which would stick to a common rulebook with Brussels on goods and agricultural produce - any future trade deal with the US would likely be off the cards.
"If they do a deal like that, we would be dealing with the European Union instead of dealing with the UK, so it will probably kill the deal," he said.
"We have enough difficulty with the European Union.
"We are cracking down right now on the European Union because they have not treated the United States fairly on trading.
"No, if they do that I would say that that would probably end a major trade relationship with the United States."
However, Bloomberg later reported the US President as saying that his relationship with Theresa May was "very, very strong" and that he will discuss trade with her.
Aside from bank earnings, Johnson & Johnson was also likely to be in focus after it was ordered to pay $4.69bn in damages to 22 women who alleged that its talcum powder caused them to develop ovarian cancer.
Elsewhere, AT&T was set to drop after the Department of Justice filed for an appeal of a ruling allowing the company to buy TimeWarner.
On the data front, import price are due at 1330 BST, while the Michigan consumer sentiment index is at 1500 BST. Investors will also eye comments from Atlanta Fed President Raphael Bostic who will be taking part in a town hall chat at Northern Chapter of the Virginia Society of Certified Public Accountants in Falls Church.