Stock futures were mixed early Friday as U.S. equity markets looked to extend a recent winning streak and cap off what's been a positive week for the bulls.
Ahead of the market open on Friday, Dow futures were up 0.1%, while S&P 500 futures were down 0.3%, and Nasdaq futures off 0.5%.
On Thursday, the Nasdaq led markets higher for the third-straight day, rising 1.3% to pace gains for the major indexes.
In Europe, the Euro Stoxx 600 remained on pace for a weekly gain of 3%, which would be its best in two months.
The euro continues to trade near 1.01 against the dollar, with investors putting additional focus this week on events on the continent following Thursday's decision from the ECB to raise interest rates for the first time in 11 years.
Earlier this week, reports regarding preparations for energy rationing in the eurozone over the coming months drew investor attention.
The price of crude oil was also lower Friday morning, falling about 1.5% as WTI crude oil continues to trade below $100 and gasoline prices in the U.S. come off the boil. The average price of a gallon of gas in the U.S. has now fallen now for 37 straight days to a national average of $4.41.
The price of WTI crude oil is now down about 20% from its most recent high above $122 reached back in early June.
On the earnings calendar, investors this morning will keep their attention on shares of Snap (SNAP), which were down as much as 29% in pre-market trade after another tough quarter for the social media company.
Snap reported revenue that was slightly light of estimates, but the company's commentary on the overall ad market and its decision not to offer formal guidance spooked investors. The company also said third quarter revenue growth was tracking to flat over the prior year.
Shares of Meta Platforms were down about 4.8% in pre-market trading on Friday in sympathy with Snap's decline. Meta will report is own second quarter results next Wednesday after the market close.
Data from Bloomberg showed Snap's decline took a collective $76 billion of market value off digital ad-related stocks, with shares of Alphabet (GOOG), Twitter (TWTR), and Pinterest (PINS) also falling on this news.
Elsewhere on the earnings calendar, shares of Verizon (VZ) were down over 4% in early trade after the company reported second quarter earnings that disappointed.
"Although recent performance did not meet our expectations, we remain confident in our long-term strategy,” Verizon CFO Matt Ellis said in a release. “We believe that our assets position us well to generate long-term shareholder value."
Results from American Express (AXP) out Friday morning showed a mixed picture, with profits in the second quarter declining as provisions for credit losses rose $410 million in Q2 amid a more challenging outlook for consumers. The company did, however, raise its full-year revenue outlook, and shares were up as much as 5% in pre-market trading on this news.
This post will be updated.
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