* Indexes on track for worst week since April
* Fastenal reports revenue below expectations
* Futures up: Dow 26 pts, S&P 2.75 pts, Nasdaq 10.25 pts
By Ryan Vlastelica
NEW YORK, July 11 U.S. stock index futures were
modestly higher on Friday, indicating a rebound from recent
losses, though major indexes remained on track for their biggest
weekly decline since April.
* The S&P 500 has fallen for three of the past four
sessions, dropping Thursday on concerns over the financial
health of Portugal's top listed bank. Still, steady gains this
year have left equities near record levels, and investors have
used any uncertainty as an opportunity to take profits.
* The second-quarter earnings season will be in focus. While
few companies have reported so far, next week will bring the
results of dozens of highly watched names, including several Dow
* Early reports, including from Alcoa Inc, have been
positive, though investors continue to watch for signs of
revenue growth and confirmation that the economy rebounded in
the second quarter after a dismal start to the year.
* Fastenal Co reported second-quarter revenue that
was below expectations. Late Thursday, Chevron
Corp forecast rising second-quarter earnings as asset
sales in Chad and elsewhere offset spiking currency charges.
* S&P 500 e-mini futures rose 2.75 points and were
above fair value, a formula that evaluates pricing by taking
into account interest rates, dividends and time to expiration on
the contract. Dow Jones industrial average e-mini futures
rose 26 points and Nasdaq 100 e-mini futures rose
* For the week, the Dow is down 0.9 percent, the S&P is down
1 percent and the Nasdaq is down 2 percent. It is the biggest
weekly decline for all three indexes since the week ended April
11. The CBOE Volatility index is up 22 percent this week,
its biggest weekly spike since March.
* In a cautious signal, the S&P closed under its 14-day
moving average on Thursday, a sign of weak near-term momentum.
* European shares rose 0.3 percent but were on
track for a weekly decline of 2.9 percent. Portugal's Banco
Espirito Santo steadied market jitters by reassuring
investors over financial troubles at its biggest shareholder,
though investors were in the dark about any potential losses.
* In company news, Whirlpool Corp agreed to buy 66.8
percent of voting stock of Italy's Indesit Company SpA
for about $1.03 billion.
* Westmoreland Coal Co fell in premarket trading a
day after it said a public offering of 1.5 million shares was
priced at $35.50 each, a discount to its Thursday closing price
(Editing by Bernadette Baum)