Here are 10 things you should know for Friday, July 11:
1. -- U.S. stock futures were rising on Friday as fears subsided about Portugal's banking sector.
European stocks recovered, as some of the panic over contagion from the troubled Portuguese Espirito Santo Financial Group quieted down.
Asian stocks finished Friday's session mixed.
2. -- The economic calendar in the U.S. on Friday includes the Treasury budget for June at 2 p.m. EDT.
3. -- U.S. stocks on Thursday declined as the markets were awash with risk aversion attributable to soft international data and deepening Portugal banking concerns.
The Dow Jones Industrial Average fell 0.4% to 16,915.07. The S&P 500 index fell 0.4% to 1,964.88 and the Nasdaq declined 0.5% to 4,396.20.
4. -- Alibaba, the Chinese e-commerce company, plans to launch its IPO process as soon as the end of the month, people familiar with the matter told The Wall Street Journal.
Alibaba, which could raise more than $20 billion and rank as one of the largest initial public offerings ever, shared a timetable with some current investors through an email, the people said. The email marks an official acknowledgment of the timing plans, until now the subject of wide speculation, the Journal noted.
The communication also warned that timing still depends on market conditions.
Including an investor roadshow, the IPO process for a deal of this size typically takes about two weeks. That means if all goes smoothly, shares would be sold and begin trading by mid-August on the New York Stock Exchange, according to the Journal.
5. -- Banking giant Wells Fargo (WFC), the nation's largest mortgage lender, is expected by analysts on Friday to report second-quarter earnings of $1 a share while revenue is forecast to drop about 3.4% to $20.8 billion.
Wells Fargo's mortgage-related earnings could provide a clear picture of the state of the U.S. economy, after bad weather washed out much of the economic growth in the first half of 2014. Analysts expect that mortgage second-quarter originations at Wells Fargo will return to 20%-plus growth.
6.-- Reynolds American (RAI) and Lorillard (LO) are closing in on a complex merger and may announce a deal as soon as next week with the blessing of British American Tobacco (BTI), people with knowledge of the matter told Bloomberg.