Stocks were slightly lower early Friday as mild profit improvement at General Electric ( GE) proved insufficient to relieve the market of its recent anxiety. Index futures recently showed both the S&P 500 and Nasdaq 100 trading about half a point below fair value. The 10-year Treasury bond rose 1/32 in price to yield 5.06%, while the dollar rose against the yen after Japan's central bank raised interest rates by a quarter-point but pledged to keep them low in the near future. Oil continued to hit new all-time highs overnight, pushing past $78 a barrel at one point as Israel pressed a military offensive into Lebanon. A total of 56 people are reported dead in the incursion, which included a second bombing of Beirut's airport Friday. Crude for August delivery was recently up 65 cents to $77.35 a barrel. Overseas markets were lower, with London's FTSE 100 falling 0.1% to 575 and Germany's Xetra DAX losing 0.6% to 5493. In Asia, Japan's Nikkei slumped 1.7% overnight to 14,845, while Hong Kong's Hang Seng gave up 1% to 16,136. GE said second-quarter earnings rose 4% from a year ago to $4.9 billion, or 47 cents a share, matching estimates on 9% revenue growth. Strength in the company's infrastructure and energy units offset a lackluster performance at NBC Universal. GE also guided its third quarter and full-year profit in line with forecasts. Stocks fell for a second day Thursday as the Mideast tensions underpinned energy prices. Over the past two sessions, the Dow Jones Industrial Average has lost 2.6% and the Nasdaq Composite has plummeted 3.5%. Weakness at Ford ( F), Wal-Mart ( WMT) and Germany software maker SAP ( SAP) paced Thursday's declines.