US stock futures struggled for direction on Friday, oscillating between small gains and losses as trade war jitters took a back seat to the start of bank earnings season.
With about 90 minutes to go before the markets open, futures for the S&P 500, the Dow Jones Industrial Average and the Nasdaq 100 were all largely unchanged.
JPMorgan Chase kicked things off for the bulge bracket banks, delivering a stronger than expected rise in second-quarter revenue and profits. The shares were up 1 per cent in pre-market trading. Citigroup and Wells Fargo, both of which are also due to report their results later this morning, were up 0.8 and 0.7 per cent respectively.
On the data front, import prices are due out at 8:30am EST, followed by consumer sentiment at 10am.
Elsewhere, the US’s rumbling trade dispute with China remains a focus. Following a report on Wednesday that the two superpowers could be ready to resume talks, Treasury secretary Steven Mnuchin told lawmakers on Thursday that talks with Beijing had “broken down” and suggested it was now up to China to come to the table with concessions.
The dollar is 0.4 per cent higher at 95.14 while the yield on the 10-year Treasury note was a fraction of a basis point lower at 2.8472 per cent.