US stock index futures edged higher on Friday as oil prices fell on easing Middle East supply concerns. Telecom shares got pressured after SpaceX’s spectrum acquisition raised competitive worries. Meanwhile, the benchmark 10-year yield stayed steady at 5.25%. Investors now look toward the upcoming quarterly earnings season for big banks.
Oct 9 (Reuters) - US stock index futures edged higher on Friday as oil prices retreated on easing Middle East supply concerns, though telecom shares remained under pressure after SpaceX's spectrum acquisition raised competitive concerns across the sector.
Oil prices fell after US President Donald Trump said the country will not attack Iran before US midterm elections next month, easing fears that the conflict could further disrupt global energy supplies.
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Brent crude prices were down 1.2%, but were still trading over the psychologically important $100-a-barrel mark.
US Treasury yields were also calmer, with the benchmark 10-year yield steady at 5.25% but holding close to the 24-year high of 5.364% hit on Wednesday.
The blue-chip Dow was on track for slim weekly gains.
At 5:54 a.m. ET, Dow E-minis were up 86 points, or 0.17%, and S&P 500 E-minis were up 31.5 points, or 0.4%. Nasdaq 100 E-minis were up 251 points, or 0.81%.
The quarterly earnings season picks up pace next week with big banks set to report results. Optimism around strong earnings has buoyed US stocks lately despite shaky geopolitical developments and concerns about rising interest rates.
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