U.S. stocks were poised for a slightly higher open Friday, as investors were relieved that Ford’s loss was not as bad as feared. Still, the company posted first-quarter loss of $1.4 billion on its worst quarter for auto sales in 26 years.
American Express, Microsoft, Schlumberger and Xerox said first quarter earnings sank, but topped estimates. Honeywell reported in-line with expectations, while 3M fell short. Earnings news, however, will take the back seat this afternoon as investors shift their focus towards the government’s release of the details regarding the manner in which it conducted stress tests for 19, leading U.S. banks. The actual results of the stress tests won't be made public until May 4.
In other developments, the headline number for March durable orders was better than expected as it was down 0.8% rather than down an estimated 1.5%. Still to come is new home sales data.
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