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U.S. stock index futures pointed to a higher open on Friday as Wall Street tried to rebound from steep losses in the previous session.
Futures for the Dow Jones Industrials sprang up 107 points, or 0.4%, to 25,488, as shares of Procter & Gamble surge in the pre-market.
S&P 500 futures restored 10.25 points, or 0.4%, to 2,782.56, while futures for the NASDAQ composite picked up 45 points, or 0.6%, to 7,182.75
This morning’s rise in futures follows a selloff on Wall Street in the previous trading session, adding to already steep losses for the month of October. On Thursday, the Dow dropped more than 300 points, following a plunge in Chinese equities. The Dow and S&P 500 have fallen more than 4% each in October, while the NASDAQ is down nearly 7%.
Overnight, China said its economy grew by 6.5% in the third quarter, missing expectations. Chinese equities surged, however, as officials took steps to support the market, and that was helping sentiment in the U.S.
History shows that, when stocks plunge in China, the U.S. market is rarely immune as large exporters suffer.
The recent moves come as investors pore through a slew of corporate earnings reports. On Friday, Dow-member Procter & Gamble posted better-than-expected earnings, sending the stock up 4.1%. Honeywell and Schlumberger also reported better-than-forecast profits.
American Express, PayPal and Sketchers all posted Thursday after the close earnings that topped analyst expectations.
The corporate earnings season is off to a strong start. With more than 15% of S&P 500 companies having reported, 83% have topped analyst expectations
In economic data, existing home sales figures are scheduled for release at 10 a.m. ET.
Overseas, in Japan, the Nikkei 225 retreated 0.6% Friday, while in Hong Kong, the Hang Seng index gained 0.4%.
Oil prices added 64 cents to $69.29 U.S. a barrel.
Gold prices gained $1.90 to $1,232 U.S. an ounce.
