US open: Stocks look set to end week on slightly positive note

bank of america dl banks us finance — Bank of America branch in Palm Beach, Florida (U.S.A.)DL (AB)

Wall Street shares were trading slightly on the front foot following the selling seen on Thursday centred on shares of Netflix and Tesla.

Nonetheless, at least one distinguished 'bear', BofA Securities' strategist Michael Hartnett, appeared to retain his downside bias.

In a research note sent to clients, Hartnett noted record selling of U.S. Treasury bills by the lender's private clients.

That, he said, was 'contrarian bearish', much like the risk-off record weekly inflow into T-bills that had been recorded last March.

As of 1565 BST, the Dow Jones Industrials was climbing 0.26% to 35,317.87, alongside a 0.30% advance for the S&P 500 to 4,549.10.

The Nasdaq Composite meanwhile was edging up 0.14% to 14,081.92.

Front-dated West Texas Intermediate crude oil futures were up 1.07% to $76.72 a barrel on the NYMEX.

No major economic reports were scheduled for release on Friday.

However, over the following week the Bank of Japan, European Central Bank and Federal Reserve were all set to make keenly anticipated - and possibly key - policy announcements.

So too authorities in China where the country's Politburo was due to meet between 28-30 July.

As regards the Fed, Stephen Innes, Managing Partner at SPI Asset Management, said: "Traders have the FOMC game face on already.

"Sure, the Fed is widely expected to hike rates by 25 bp. However, economic data during the intermeeting period has had mixed implications for Fed policy."

American Express shares were down 2% after the credit card giant missed analysts' estimates for second quarter revenues.

First Financial and Signature Bank shares on the other hand were little changed following their own results, yet both were in the green.

Dow Jones - Risers

Intel Corp. (INTC) $33.91 1.62%
Merck & Co. Inc. (MRK) $110.19 1.60%
Nike Inc. (NKE) $109.14 1.50%
Procter & Gamble Co. (PG) $152.80 1.49%
Johnson & Johnson (JNJ) $170.46 1.24%
Chevron Corp. (CVX) $158.16 1.13%
Amgen Inc. (AMGN) $235.61 1.02%
Unitedhealth Group Inc. (UNH) $508.74 0.89%
Cisco Systems Inc. (CSCO) $52.78 0.79%
Walt Disney Co. (DIS) $86.86 0.75%