US STOCKS-Futures higher as GE, BofA profits top view

* GE rises after better-than-expected profit

* Bank of America, Citigroup on tap to report

* CPI and consumer sentiment data awaited

* futures up: Dow 18 pts, S&P 3.8 pts, Nasdaq 4 pts

* For up-to-the-minute market news see [STXNEWS/US]

By Ryan Vlastelica

NEW YORK, July 16 (BestGrowthStock) – U.S. stock index futures were
higher on Friday after quarterly profits from General Electric
Co and Bank of America Corp topped estimates as earnings season
heated up.

* The three major indexes are up seven out of the past
eight sessions, despite some earnings missteps, including from
technology giant Google Inc (Read more about Google Stock Analysis) (GOOG.O: ), which said late Thursday
that adjusted earnings missed expectations for the first time
in two years on a spike in expenses. [ID:nN15232993]

* GE (GE.N: ) reported second-quarter profit (Read more your timing to make a profit.) rose for the
first time in nine quarters. Shares of the Dow component rose
2.7 percent to $15.66 in premarket trading. For details, see
[ID:nN16144753]

* Bank of America (BAC.N: ) posted quarterly income that beat
expectations but was down from a year ago. Shares slid 1.3
percent to $15.19. [ID:nN15227124]

* Citigroup Inc (C.N: ) was slated to come out later Friday.
Investors were closely watching earnings reports for insight
into how corporations are faring as the economy faces headwinds
in its recovery.

* Toymaker Mattel Inc (MAT.O: ) posted weaker-than-expected
profit Friday morning. [ID:nN16196946]

* Goldman Sachs Group Inc (GS.N: ) put the financial sector
further in view after it agreed to settle a U.S. civil case.
Its shares rose 5.9 percent to $153.85 before the bell.
[ID:nN15236037]

* S&P 500 futures (SPc1: ) were up 3.8 points and slightly
above fair value, a formula that evaluates pricing by taking
into account interest rates, dividends and time to expiration
on the contract. Dow Jones industrial average futures (DJc1: )
gained 18 points, and Nasdaq 100 futures (NDc1: ) added 4
points.

* Economic indicators on tap for Friday include consumer
price data for June, which is expected to rise slightly, and
the preliminary Thomson Reuters/University of Michigan Surveys
of Consumers, which is expected to show consumer sentiment
edging slightly lower in July from June.

* The read on consumer sentiment is expected to come in at
74.5 in July, down modestly from the reading of 76.0 in the
previous month. June consumer prices, excluding food and
energy, are seen rising 0.1 percent, the same as in May.

* U.S.-listed shares of BP Plc (BP.N: ) slid 1 percent to
$38.54 before the bell after the company said it had halted the
spew of oil into the Gulf of Mexico, at least temporarily.
[ID:nN15255571]

* Stress tests on European banks should not reveal any
“catastrophes” but the reviews should be tough, the chairman of
euro zone finance ministers was quoted as saying.
[ID:nLDE66F0AZ]

* The U.S. Congress approved the broadest overhaul of
financial rules since the Great Depression on Thursday and sent
it to U.S. President Barack Obama to sign into law.
[ID:nN15226910]

* European stocks were higher Friday morning, with BP among
the top gainers, while Japan’s Nikkei average (.N225: ) ended
down nearly 3 percent as investors worried the yen could rise
further towards 15-year highs against the dollar.

* U.S. stocks (Read more about the stock market today. ) were lower for most of Thursday’s session,
though they later rebounded after the Goldman settlement and
BP’s success with its well.
(Editing by Jeffrey Benkoe)

US STOCKS-Futures higher as GE, BofA profits top view