Wall Street looked set to nose higher on Friday as investors cheered encouraging results from software giant Microsoft MSFT.O , although a key consumer sentiment survey before the market opens may affect the mood.
The rush of corporate earnings slows on Friday after a hectic week of mixed quarterly results from technology majors such as Intel INTC.O , Nokia NOK.N NOK1V.HE and International Business Machines IBM.N .
"With Microsoft coming in with relatively good news, this will offset the bad news we had from IBM, and the market may look to go up a little at the end of the week," said David Richards, a trader at Financial Spreads.
By 5:45 a.m. EDT, U.S. equity index futures pointed to a flat to slightly higher start to New York trading.
Microsoft shares rose 1.5 percent in pre-market trade to $27.1 on Instinet against a close of $26.69 on Thursday after it posted higher quarterly profit and revenue overnight.
The world's largest software maker also raised its revenue forecast for the fiscal year ending in June 2004 by about $1 billion, despite a cautious outlook for modest growth in personal computer sales and weak technology spending.
Better than expected results from the world's biggest producer of mobile networks Ericsson ERICY.O ERICb.ST may also help sentiment and calm fears about demand, a day after Nokia posted weak figures and a drab outlook.
Ericsson shares soared over 20 percent in Europe after the results.
The University of Michigan releases the preliminary July reading of its consumer sentiment index at 9:45 a.m. EDT, and economists polled by Reuters expect the index to read 90, little changed from a final June reading of 89.7.
"This could move the market if the figures are not in line with expectations," said Richards.
Earnings from toy maker Mattel MAT.N before the market opens will be an early feature followed by results from auto parts maker Visteon VC.N during trading.
In other corporate news, media conglomerate AOL Time Warner AOL.N is nearing a deal to sell its DVD- and CD-making operations to Toronto-based manufacturer Cinram International Inc. CRW.TO for about $1 billion, The Wall Street Journal reported on Friday.
The proposed merger between PeopleSoft PSFT.O and J.D. Edwards may also nab the spotlight after PeopleSoft's Chief Financial Officer Kevin Parker told analysts in a conference call that the company expected to close the transaction on Thursday night.
The rush of corporate earnings slows on Friday after a hectic week of mixed quarterly results from technology majors such as Intel INTC.O , Nokia NOK.N NOK1V.HE and International Business Machines IBM.N .
"With Microsoft coming in with relatively good news, this will offset the bad news we had from IBM, and the market may look to go up a little at the end of the week," said David Richards, a trader at Financial Spreads.
By 5:45 a.m. EDT, U.S. equity index futures pointed to a flat to slightly higher start to New York trading.
Microsoft shares rose 1.5 percent in pre-market trade to $27.1 on Instinet against a close of $26.69 on Thursday after it posted higher quarterly profit and revenue overnight.
The world's largest software maker also raised its revenue forecast for the fiscal year ending in June 2004 by about $1 billion, despite a cautious outlook for modest growth in personal computer sales and weak technology spending.
Better than expected results from the world's biggest producer of mobile networks Ericsson ERICY.O ERICb.ST may also help sentiment and calm fears about demand, a day after Nokia posted weak figures and a drab outlook.
Ericsson shares soared over 20 percent in Europe after the results.
The University of Michigan releases the preliminary July reading of its consumer sentiment index at 9:45 a.m. EDT, and economists polled by Reuters expect the index to read 90, little changed from a final June reading of 89.7.
"This could move the market if the figures are not in line with expectations," said Richards.
Earnings from toy maker Mattel MAT.N before the market opens will be an early feature followed by results from auto parts maker Visteon VC.N during trading.
In other corporate news, media conglomerate AOL Time Warner AOL.N is nearing a deal to sell its DVD- and CD-making operations to Toronto-based manufacturer Cinram International Inc. CRW.TO for about $1 billion, The Wall Street Journal reported on Friday.
The proposed merger between PeopleSoft PSFT.O and J.D. Edwards may also nab the spotlight after PeopleSoft's Chief Financial Officer Kevin Parker told analysts in a conference call that the company expected to close the transaction on Thursday night.
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