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MW: U.S. stocks eye higher open, but a loss for the week
 
U.S. stocks looked poised to open higher Friday as investors cheered Amazon.com Inc.’s surprise profit report, but the main benchmarks remained on track for weekly losses after three straight days of declines .

Nasdaq 100 futures NQU5, +0.34% showed the most spark, rising 16 points, or 0.4%, to 4,636, as Amazon AMZN, +18.63% jumped 18% in premarket action after it unexpectedly posted a rise in quarterly profit late Thursday. The online retailer is one of the tech-heavy index’s biggest components.

S&P 500 futures ESU5, +0.19% edged up 4.50 points, or 0.2%, to 2,103, while those for the Dow Jones Industrial Average YMU5, +0.11% gained 204 points, or 0.1%, to 17,700.

In this past week, the stock market has been hurt by disappointing quarterly reports from big companies like Apple Inc. AAPL, -0.05% Caterpillar Inc. CAT, -3.61% and IBM IBM, +0.86% as well as a commodities selloff. On Thursday, the S&P 500 SPX, -0.57% Dow DJIA, -0.67% and Nasdaq COMP, -0.49% all dropped for a third session in a row.

The S&P and Nasdaq are both on track for a weekly drop of 1.2% as of Thursday’s close, after the Nasdaq scored a record close on Monday. Meanwhile, the Dow is eyeing a 2% decline.

What strategists are saying: Despite this week’s retreat, some market watchers remain upbeat.

Byron Wein, a senior adviser at Blackstone, said in a note released Thursday that “many of the background conditions that had concerned investors, like Greece and the Iranian nuclear program, have turned favorable.”

“That should improve the outlook for equities in the other major markets around the world,” Wein added.

Leading growth stocks also are sending a positive signal about the broader market, according to MarketWatch contributor Kevin Marder. “The bottom line is that when institutional must-owns like Amazon.com, Facebook FB, -1.65% and Netflix NFLX, -1.26% — let alone other, smaller growth stocks — move to new-high ground on solid volume amid a sketchy general market, the market is sending a valuable message,” he writes.

Key economic reports: Investors are watching for a July preliminary reading on U.S. manufacturing activity due at 9:45 a.m. Eastern Time. That’s followed by a report on June new-home sales, expected at 10 a.m. Economists polled by MarketWatch forecast a sales figure of 550,000.

Other markets: European stocks SXXP, +0.19% traded mostly higher Friday, while Chinese equities closed lower, but still achieved their third weekly gain in a row.

Gold resumed its downward slide, but the U.S. oil benchmark rose. Crude prices CLU5, +0.43% have now traded more than 20% lower than a 2015 settle high of $61.43 in June, meeting at least one criteria for entering a bear market. The dollar DXY, +0.25% traded up against its major rivals.

Movers and Shakers: Cigna Corp. CI, +2.18% shares rose premarket following news that rival health insurer Anthem Inc. ANTM, -0.14% plans to buy the company in a $54 billion deal.

StanCorp Financial Group Inc. SFG, -1.25% is likely to make moves after a Japanese insurer said it plans to buy the Oregon-based company in a $5 billion deal.

Xerox Corp. XRX, +1.03% Biogen Inc. BIIB, -1.71% and AbbVie Inc. ABBV, -0.06% also will grab the spotlight with earnings reports due before the opening bell.


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