Solid earnings and a big cash return program from Microsoft ( MSFT) put a charge in Friday's premarket session.

Index futures recently showed both the S&P 500 and Nasdaq 100 trading 3 points above fair value. The 10-year Treasury bond was unchanged in price to yield 5.03%, while the dollar fell against the yen and euro.

Microsoft rose 5% after reporting better-than-expected fourth-quarter earnings and setting $40 billion worth of share repurchases over the next five years. Profit fell 24% from a year ago due to the cost of new investments, but adjusted earnings of 31 cents a share were a penny ahead of estimates.

Google ( GOOG) shares rose about 2% after the company reported a $721 million profit in its second quarter and said earnings before various costs were $2.49 a share, beating estimates by 27 cents. Net sales of $1.67 billion also beat estimates.

Amgen ( AMGN) topped quarterly earnings forecasts when an acquisition-related charge was backed out. It earned $1.01 a share on sales of $3.6 billion in the June quarter. Analysts wanted 94 cents and $3.5 billion.

The results looked poised to ease selling pressure that sent the Nasdaq Composite down 2% on Thursday and also dragged down the Dow and S&P 500 by about 0.8%.

Those losses bled into overseas sessions. In Europe, London's FTSE 100 was recently down 0.3% to 5752, while Germany's Xetra DAX lost 0.8% to 5502. In Asia, Japan's Nikkei fell 0.8% overnight to 14,821, while Hong Kong's Hang Seng lost 0.1% to 16,464.

Oil prices rose as Israel reportedly prepared to step up its ground offensive in southern Lebanon and the death toll in recent fighting climbed above 300. The newly benchmarked September crude contract was recently up 35 cents to $74.62 a barrel. Gold lost $3.40 to $629.10 an ounce.

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