Wall Street Heads for Mixed Open - TheStreet

Updated from 7:59 a.m. EDT

Premarket futures were pointing to a mixed open for the U.S. stock market Friday as Google's shortfall weighed on technology shares but a smaller-than-expected loss at Citigroup appeared set to give blue chips a fighting chance to continue their rally.

S&P 500

futures were up 8 points at1261 and were 1 point above fair value. Futures for the

Nasdaq

were down half a point at 1839 and were 21 points short of fair value.

Just after the three major indices each closed up more than 1% Thursday, Internet company Google

reported second-quarter earnings that were short of analyst expectations

, a result that could dampen buying enthusiasm today, at least for the Nasdaq.

Although

IBM

(IBM) - Get Report

and

Microsoft

(MSFT) - Get Report

both delivered decent earnings,

Advanced Micro Devices

(AMD) - Get Report

posted a loss that was worse than analysts expected and

ditched CEO Hector Ruiz

.

Similarly hurting sentiment was a worse-than-expected $4.65 billion

quarterly loss

from

Merrill Lynch

(MER)

. The company also announced $9.7 billion in new writedowns and impairment charges.

However, Citi cut its second-quarter losses in half compared with the first quarter and exceeded forecasts, sending the stock up 9%.

Fellow financial services company

Capital One

(COF) - Get Report

saw second-quarter profits fall 40% year over year and missed expectations.

Also offering good news, oil-services provider

Schlumberger

(SLB) - Get Report

reported this morning that it beat analyst estimates with profits that rose from a year ago.

Away from earnings, energy company

BP

(BP) - Get Report

is buying natural gas properties in Oklahoma from

Chesapeake Energy

(CHK) - Get Report

.

The Wall Street Journal

also reported that mortgage company

Freddie Mac

(FRE)

is considering raising $10 billion in fresh capital through a stock sale. Freddie, along with fellow mortgage company

Fannie Mae

(FNM)

, has been a recent beneficiary of a government effort to stabilize the housing market.

In commodities, crude oil was up $2.27 to $131.56 a barrel. Gold was down $8.70 to $962 an ounce.

As for Treasuries, the 10-year note was adding 4/32 to yield 3.98%, and the 30-year was up 9/32, yielding 4.59%. The dollar was falling against the euro, the yen and the pound.

Overseas exchanges weren't looking great. The FTSE in London, the DAX in Frankfurt and the Nikkei in Japan were all posting losses, while Hong Kong's Hang Seng was logging modest gains.