Google boosts Nasdaq futures; Dow, S&P flat

[July 17, 2015]   By Tanya Agrawal

(Reuters) - Nasdaq stock futures rose on Friday after strong results from Google overnight, while the S&P and Dow futures were little changed ahead of a raft of economic data that could give clues on the timing of an interest rate increase.

* The Nasdaq composite closed at a record high on Thursday, boosted by strong results from tech companies such as Netflix and ebay.

* The three major indexes are poised to end the week higher following strong earnings reports from most of the blue-chip companies.

* Google jumped 12 percent to $674.55, poised to open at a record high, a day after its profit beat forecasts for the first time in six quarters and the company said it would be more disciplined on spending.

* General Electric shares rose 2.6 percent to $27.74 in premarket trading after the conglomerate raised its 2015 outlook for its industrial manufacturing businesses.

* Honeywell was up 2.8 percent to $106.50 after the U.S. manufacturer of aerospace parts and climate control systems reported a 9 percent rise in quarterly profit.

* Economic data due Friday is expected to show the Consumer Price Index rose at a slower rate in June than it did in May. Building permits is likely to have declined in June, while groundbreaking is likely to have increased for the month. The data is are expected at 8:30 a.m. ET

* The University of Michigan's preliminary July reading on the overall index on consumer sentiment is expected to stay unchanged at 96.1. The data is due at 10 a.m. ET.

* Investors have been keeping a sharp eye on economic data for clues regarding the timing of the first interest rate increase in nearly a decade. The rate hike is broadly expected to be between September and December.

* The dollar was on track for its biggest weekly gain in two months on Friday as investors refocused on the chance of the rate hike. However, a strong dollar reduces the vale of U.S. companies' overseas income.

* Despite early, upbeat results this week, U.S. companies are expected to post their worst sales decline in nearly six years in the second quarter, in part due to the strong dollar. Profit is expected to have fallen 2.9 percent, according to Thomson Reuters estimates.

* German lawmakers vote to give Berlin the green light to start negotiations for a third Greek bailout, with a large majority expected to vote in favor.

Futures snapshot at 7:10 a.m. ET:

* S&P 500 e-minis were down 0.5 points, or 0.02 percent, with 63,445 contracts traded.

* Nasdaq 100 e-minis were up 13.5 points, or 0.29 percent, on volume of 13,818 contracts.

* Dow e-minis were down 20 points, or 0.11 percent, with 8,875 contracts changing hands.

(Editing by Savio D'Souza)

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