US pre-open: Stocks seen touch higher ahead of key earnings

US futures pointed to a slightly firmer open on Wall Street as investors mulled over a failed military coup in Turkey and ahead of some key earnings reports.

At 1110 BST, Dow Jones Industrial Average and Nasdaq futures were up 0.1%, while S&P 500 futures edged up 0.2%.

Jasper Lawler, market analyst at CMC Markets, said: “US stocks look set for a higher open as investors continue, for now, to buy into the breakout of major averages into new records ahead of the Republican National Convention and a number of key earnings reports. Bank of America’s second-quarter report will be the key earnings release on Monday following generally well-received results last week.”

In Europe, the main indices reversed opening losses to trade lower, despite an earlier boost from news that London-listed chip designer ARM Holdings has agreed a £23.4bn takeover offer by Japan's Softbank, in what could be the first major move sparked by the post-Brexit collapse in the value of the pound. US-listed shares of ARM Holdings rocketed.

At the same time, oil prices were fairly steady as market participants shrugged off the events in Turkey. West Texas Intermediate was down 0.1% to $45.89 a barrel while Brent crude was up 0.1% at $47.65.

Six thousand people have been arrested following Friday’s attempted military coup in Turkey and President Recep Tayyip Erdogan has said parliament will consider introducing the death penalty for those thought to have committed traitorous acts against the state.

In currency markets, the dollar was trading down 0.4% against the pound and 0.1% versus the euro, but 0.9% stronger against the yen.

On the corporate front, earnings are due from Bank of America, Charles Schwab and Hasbro. After the closing bell, International Business Machines, Yahoo and Netflix are slated to report.

On the macroeconomic calendar, investors will eye the release of the NAHB housing market index at 1500 BST.