* Indexes on track for worst week since April
* Wells Fargo edges lower, but revenue tops forecasts
* Fastenal reports revenue below expectations
* Futures up: Dow 11 pts, S&P 1.5 pts, Nasdaq 9 pts
(Updates prices, adds Wells Fargo earnings)
By Ryan Vlastelica
NEW YORK, July 11 U.S. stock index futures
pointed to slight gains at the open Friday in a modest 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.
* Wells Fargo & Co reported second-quarter revenue
that beat expectations, saying its results "reflected strong
credit quality driven by an improved economy, especially the
housing market." Shares dipped 0.2 percent to $51.70 in
* 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 1.5 point 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 11 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.
* 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 0.8 percent to $36.72 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 of $37.
* European shares rose 0.2 percent but were on
track for a weekly decline of nearly 3 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.
(Editing by Bernadette Baum)