NEW YORK (TheStreet) -- U.S. stock futures turned higher Friday as the markets digested the spiking friction between the West and Russia, growing tensions in Iraq, and a decent second-quarter earnings season. Gains were limited, as the rush to safe-haven assets pushed the yield on the 10-year note down to 2.373%.
Dow Jones Industrial Average futures were up by 13 points, or 17.73 points above fair value, to 16,334, while S&P 500 futures ticked up 2 points, or 3.13 points above fair value, to 1,908. The index is now down about 4% from its recent highs after breaking down below key technical support levels on Thursday. Nasdaq futures were 4.5 points higher, or 7.06 points above fair value, to 3,861.3.
Russia struck back at Western sanctions Thursday by ramping up the trade war with a one-year ban of fruit, vegetables, meat, fish, milk and dairy foods from the U.S., Canada, the European Union, Australia, and Norway. The potential extent of the economic fallout from Russia's ban remains an unknown. President Obama has authorized limited airstrikes against extremist militants who have seized Iraq's largest dam and threatens the lives of Americans and citizens across the country.
Thomson Reuters reported that 67% of the 443 companies in the S&P 500 that have reported second-quarter earnings have beat expectations, vs. 63% in a typical quarter since 1994.
The economic calendar in the U.S. on Friday includes preliminary productivity data for the second quarter at 8:30 a.m. EDT, and wholesale inventories for June at 10 a.m.
In individual company news, Lululemon Athletica (LULU - Get Report) founder Dennis "Chip" Wilson said he was selling half of his stock to private-equity firm Advent International. Lululemon was jumping 5.05% to $41 in premarket trading. Zynga (ZNGA - Get Report) was dropping 7.88% to $2.69 after the online game maker reported on Thursday a wider second-quarter loss and its revenue forecast fell short of analysts' estimates. CBS (CBS) reported second-quarter earnings of $439 million, or 76 cents a share, from $472 million, or 76 cents a share, in the year-earlier period.
--By Andrea Tse in New York