US pre-open: Futures point to modest bounce

(Sharecast News) - US equity futures were pointing to a moderately higher start to the session following the selling seen on Thursday centred on shares of Netflix and Tesla. Nonetheless, at least one distinguished 'bear', BofA Securities' strategist Michael Hartnett, appeared to retain his downside bias.

In a research note sent to clients, Hartnett noted record selling of U.S. Treasury bills by the lender's private clients.

That, he said, was 'contrarian bearish', much like the risk-off record weekly inflow into T-bills that had been recorded last March.

As of 1013 BST, futures tracking the Dow Jones Industrials were edging up by 15.0 points to 35,416.0, alongside a 11.25 point gain for the S&P 500 to 4,576.75.

Nasdaq-100 mini futures meanwhile were ahead by 74.5 points to 15,666.75.

Front-dated West Texas Intermediate crude oil futures were up 0.9% to $76.55 a barrel on the NYMEX.

No major economic reports were scheduled for release on Friday.

However, over the following week the Bank of Japan, European Central Bank and Federal Reserve were all set to make keenly anticipated - and possibly key - policy announcements.

So too authorities in China where the country's Politburo was due to meet between 28-30 July.

American Express, First Financial, and Signature Bank were all due to release their latest quarterly figures.