NEW YORK (CNN/Money) - U.S. stock futures zoomed higher Friday morning after tech leader Intel raised its third-quarter sales outlook, saying that its business has been improving.

S&P and Nasdaq futures turned higher on the Intel news, after initially pointing to a fairly sluggish open.

Intel now sees third-quarter revenue of between $7.3 billion and $7.8 billion as compared to its previous guidance of a range of $6.9 billion to $7.5 billion. Intel (INTC: up $0.03 to $26.39, Research, Estimates) shares rose more than 4 percent on Instinet, while shares of chip gear maker Applied Materials (AMAT: up $0.69 to $20.73, Research, Estimates) and PC-maker Dell (DELL: down $0.01 to $32.27, Research, Estimates) both added 2 percent on hopes that Intel's outlook could be positive for the tech-spending environment overall.

Despite typically anemic summer volume, stocks have managed to drift to new multi-month highs this week. On Thursday, stocks managed only modest gains, but they were sufficient enough to push the Nasdaq to a new 16-month high as buyers waded in following a number of stronger-than-expected economic reports. (For more on Thursday's market action, click on the graphic.)

Hopes of an economic recovery lifted markets for three and a half months in the spring and early summer, but exhaustion stepped in during much of July and the first half of August, with stocks drifting in a range. However, recent economic news -- which has been largely positive -- has drawn buyers back in, sending stocks higher.

Overseas, stocks were mixed in Europe after hitting eight-month highs, while stocks in Asia ended mixed.

Treasury prices edged lower, pushing the yield on the 10-year note up to 4.48 percent from 4.47 late Thursday. Bond prices and yields move in opposite directions.

The dollar was mixed versus other currencies. For the past several weeks, poor euro zone data has caused international investors to pull money out of the euro and put it mostly into the yen and the dollar as well. As such, the dollar has surged against the euro. But after several weeks of gains, the dollar pulled back versus the European currency early Friday and moved ahead versus the yen.

No major economic news is due Friday. That could leave investors focusing on individual stocks -- those of companies that reported results after Thursday's closing bell and those in the news early Friday. While nothing looks likely to cause a big swing, light volume, particularly on a summer Friday, tends to make the market vulnerable to abrupt, minor swings. That could be the case Friday.

Federal regulators are pushing Freddie Mac (FRE: up $0.37 to $50.77, Research, Estimates) to remove its CEO due to his involvement in accounting scandals that have rocked the mortgage company over the last few years, according to reports published Friday.

Drugmaker Schering-Plough (SGP: up $0.24 to $16.48, Research, Estimates) late Thursday cut its quarterly dividend by 68 percent and plans to slash at least 1,000 jobs as it tries to counteract its cash shortfall. The company, currently under federal scrutiny for its production and marketing practices, warned that 2004 earnings per share would be lower than 2003 results.

In the day's biggest deal, battery maker Rayovac (ROV: up $0.02 to $13.60, Research, Estimates) said it will buy electric-shaver manufacturer Remington Products for $322 million in an effort to boost its product line.

Also likely to be active: Dow component 3M (MMM: up $0.87 to $144.69, Research, Estimates), which received a favorable ruling in litigation with its insurers over insurance coverage for breast-implant claims.

In a morning brokerage call, Credit Suisse First Boston upgraded retailer Foot Locker (FL: up $0.75 to $16.11, Research, Estimates) to "outperform" from "neutral."

Stocks that could be active on earnings news include Novell, which swung to a loss in the latest quarter from a year earlier and said it will cut 10 percent of its work force. But the software maker nevertheless beat analysts' forecasts, and Novell (NOVL: Research, Estimates) stock jumped 7.4 percent in after-hours trading on Instinet.

Upscale department store chain Nordstrom (JWN: Research, Estimates) posted sharply higher second-quarter earnings as cost controls boosted profit margins, sending its shares higher in after-hours trading.

Gap Inc. (GPS: Research, Estimates) shares also rallied after the retailer reported a robust rise in second-quarter profit due to sharper merchandise offerings.

Shares of Aeropostale (ARO: Research, Estimates), a mall-based clothing chain that caters to teens, jumped 6.3 percent on news the retailer reversed a year-ago loss for the second quarter.

Digital video recorder maker TiVo Inc. (TIVO: Research, Estimates) said its second-quarter net loss widened, but subscriber additions were outpacing expectations, which pushed its shares 13.3 percent higher on Instinet.

The latest Harry Potter novel helped the nation's No. 2 bookseller, Borders Group Inc., post a better-than-expected second-quarter profit and raise its full-year earnings forecast. Borders (BGP: Research, Estimates) shares closed marginally lower to $19.29 on the New York Stock Exchange.  

--Reuters contributed to this report.