NEW YORK (AP) -- Stocks are opening lower after Citigroup and Bank of America reported lower revenues. Google fell after its earnings came in below analysts' estimates.
Index futures had been up earlier following stronger earnings and a healthy outlook from General Electric.
Citi and BofA joined JPMorgan Chase in reporting higher earnings this week as loan losses fell. However, the major banks are also seeing lower trading revenues because of the stock market's plunge this spring.
Shortly after the opening of trading, the Dow Jones industrial average is down 76 points, or 0.7 percent, at 10,283. The Standard & Poor's 500 index is down 9 points, or 0.8 percent, at 1,087. The Nasdaq composite index is off 18 points or 0.8 percent at 2,231.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
NEW YORK (AP) -- Stock futures gave up early gains Friday and pointed to a mixed open after Citigroup Inc. and Bank of America Corp. reported lower revenues.
Google's shares fell in pre-market trading after its earnings report late Thursday came in below analysts' estimates.
Index futures had been up earlier following stronger earnings and a healthy outlook from industrial bellwether General Electric Co. Stocks had risen early in the week after companies including Alcoa Inc. and Intel Corp. had similar forecasts.
Citi and BofA joined JPMorgan Chase & Co. in reporting higher earnings in the second quarter this week as loan losses fell. However, the major banks are also seeing lower trading revenues because of the stock market's plunge this spring.
Stocks had struggled to a mixed finish Thursday after being down for much of the day on disappointing regional manufacturing reports for the Northeast. Much of the deficit was erased late in the day as news began to circulate that Goldman Sachs Group Inc. had settled civil fraud charges with the government over its dealings with subprime mortgage securities.
The formal announcement of Goldman's $550 million settlement came after the stock market had closed on Thursday. Goldman's shares rose $6.13, or 4.2 percent, to $151.35 in pre-market trading.
Ahead of the opening bell, Dow Jones industrial average futures fell 13 points, or 0.1 percent, to 10,279. Standard & Poor's 500 index futures slipped 0.7 point, or 0.06 percent, to 1,090, while Nasdaq 100 index futures rose 0.5 point, or 0.03 percent, to 1,850.
Bank of America's stock dipped 61 cents, or 4 percent, to $14.78 in pre-opening trading. Citi was off 8 cents, or 2 percent, at $4.08. Google fell $21.21, or 4.3 percent, to $472.81.
The Dow snapped a seven-day winning streak on Thursday. The Dow was down as much as 126 points early in the day, but closed down just 7.
Bond prices rose slightly. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.98 percent from 3.00 percent late Thursday.
The euro climbed above $1.29 as it recovers following a steep plunge earlier this year amid fears that government debt in many European nations would send the continent back into recession.
Overseas, Britain's FTSE 100 rose 0.3 percent, Germany's DAX index was flat, and France's CAC-40 fell 0.4 percent. Japan's Nikkei stock average tumbled 2.9 percent.