US pre-open: Stocks seen higher after Thursday's losses; earnings in focus
US stocks looked set for a positive open on Friday following heavy losses in the previous session, as investors braced for more earnings releases.
At 1225 BST, Dow Jones Industrial Average and S&P 500 futures were up 0.3%, while Nasdaq futures were 0.5% higher.
Konstantinos Anthis, head of research at ADSS, said: "Even though the political agenda in Europe and the US is filled with risks investors seem to be looking for bargains at the end of the week.
"The earnings season is progressing well and this improves risk sentiment for equity investors that view the recent losses as an opportunity to buy promising stocks at a discount and target a long-term return."
Chinese growth figures out earlier are likely to be in focus as they showed that the economy slowed more than expected in the third quarter, with annualised GDP coming in at 6.5%, its weakest quarter since 2009 and below expectations of 6.6%. Still, Chinese stocks rallied after the regulator stepped in with fresh measures to support liquidity and investment.
"Growth of 6.5% rather than 6.6% is a pretty nice problem to have but the trade war with the US, higher debt levels and a depreciating currency remain a concern," said Neil Wilson, chief market analyst at Markets.com.
In corporate news, Honeywell rallied in pre-market trade as its third-quarter profit beat expectations and the company lifted its forecasts for annual cash flow and margins.
PayPal surged in pre-market trade after the payment company's third-quarter earnings and revenue surpassed analysts' expectations, while consumer goods group Procter & Gamble was higher after the release of its first-quarter numbers.
Oilfield services company Schlumberger looked set to edge lower at the open after its third-quarter earnings beat expectations, but revenue missed.
On the data front, existing home sales for September are due at 1500 BST.