NEW YORK (CNNMoney.com) -- U.S. stocks were set for a higher open early Friday, although Wall Street may find trouble pushing significantly higher after the previous session's massive rally.
Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were higher ahead of the opening bell.
Futures measure current index values against perceived future performance.
U.S. stocks leapt Thursday after a slew of companies reported earnings that topped Wall Street's estimates. The Dow gained nearly 2%, the Nasdaq soared 2.7% and the S&P 500 surged 2.3%.
Markets looked to hold on to gains Friday, as investors awaited results of stress tests of major European banks and a fresh batch of quarterly earnings from corporate America.
"All eyes will be on the European stress tests and earnings, so if we get good news out of Europe today than I think the markets will continue to focus on earnings, which are coming in much better than expected," said Peter Cardillo, chief market strategist at Avalon Partners.
Earnings: Before the market open on Friday, Ford (F, Fortune 500) posted second-quarter earnings that easily beat estimates, and shares of the company climbed more than 4%.
Shares of Verizon (VZ, Fortune 500) rose 3% after the telecommunications company reported quarterly net income that topped forecasts.
After U.S. markets closed Thursday, Microsoft (MSFT, Fortune 500) posted a jump in quarterly sales and profits.
E-Trade (ETFC) booked a quarterly profit for the first time in three years, and its stock soared 8% in pre-market trading.
Amazon (AMZN, Fortune 500) also reported a sharp rise in sales and profit, but analysts had hoped for better. Shares of the Internet retailer sank more than 11% in pre-market trading Friday.
Banks: Pay czar Kenneth Feinberg is due to release a report on how much bank executives were paid after their firms received taxpayer bailout funds.
In Europe, report cards on the health of big banks are due to be released at noon ET. The tests are aimed at determining how well European financial firms would fare in the case of another economic downturn.
World markets: European shares were mixed in the early going. The CAC 40 in France and Germany's DAX rose more than 0.5% in morning trading, while the FTSE 100 edged slightly lower.
Asian markets finished the session with solid gains. Japan's benchmark Nikkei index gained 2.3% and the Hang Seng in Hong Kong ended 1.1% higher.
Currencies and commodities: The dollar was down against the euro and the British pound, but up versus the Japanese yen.
U.S. light crude oil for September delivery fell 74 cents to $78.56 a barrel.
COMEX gold's August contract gained $2.50 to $1,198.10 per ounce.
Bonds: Treasury prices fell, pushing the yield on the 10-year note up to 2.98% from 2.93% late Thursday. Bond prices and yields move in opposite directions.
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| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.80% | 3.88% | |
| 15 yr fixed | 3.20% | 3.23% | |
| 5/1 ARM | 3.84% | 3.88% | |
| 30 yr refi | 3.82% | 3.93% | |
| 15 yr refi | 3.20% | 3.23% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
| S&P 500 | 3,913.10 | -2.36 | -0.06% |
| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
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