Stock Market Today: Futures Dip; S&P 500 Still Eyes Weekly Gain

NEW YORK (TheStreet) -- U.S. stock futures were pointing to the first dip in the broader market in three days. Investors took a breather, digesting some soft data out of Europe and awaiting next week's July job report, U.S. second-quarter GDP estimates, and the latest Federal Reserve policy update. The market remains optimistic on the second-quarter earnings outlook, steadily raising earnings growth predictions.

Futures for the S&P 500 were down 3.75 points, or 4.68 points below fair value, to 1,977, with the index still on pace to settle higher for the week. The S&P 500 booked its 72nd closing all-time high Thursday for this bull market since the market bottom on March 9, 2009, as analysts hiked their growth outlook for the second-quarter earnings season. Futures for the Dow Jones Industrial Average (DIA) were slumping by 26 points, or 43.80 points below fair value, to 16,972. Nasdaq (QQQ) futures were behind by 14.3 points, or 17.79 points below fair value, to 3,957.5.

Read More: Amazon.com Shares Plunge On Weak Earnings

Despite a handful of disappointments, including Amazon's (AMZN) earnings miss Thursday, S&P Capital IQ wrote that second-quarter S&P 500 earnings growth is now expected to come in at 8.1% year-over-year, with earnings per share of $29.11. That's up from the prior day's estimate of 7.3% year-over-year growth, with EPS of $28.89.

Amazon shares were plunging 9.96% to $322.89 in premarket trading after reporting Thursday evening quarterly results that were in line with revenue estimates but missed on earnings per share.