US markets are set to open lower after an indecisive showing yesterday.
Although there was encouraging news from China, where stock markets have notched up their best weekly performance in more than two months despite this week's shenanigans with the yuan, the soft oil price is having an effect on sentiment.
The US oil price hit a new six-and-a-half year low yesterday ahead of the release later today of the Banker Hughes rig count, which could see another rise in the number of rigs in operation.
"More US rigs would raise concerns that US oil output will remain elevated, adding to the global supply glut and could help push US crude prices in the direction of US$40 per barrel," suggested Jasper Lawler, a market analysts at spread betting firm CMC Markets.
News from Europe has been mixed, with Greek MPs approving the country's bailout plan but gross domestic product (GDP) data for the Eurozone disappointed.
GDP rose 0.3% in the second quarter, versus expectations of a rise of 0.4%.
Spread betting quotes indicate the Dow Jones industrial average will open around 30 points down from last night's close of 17,408, while the broader-based S&P 500 is pegged to shed four points and open at around 2,079.
Shares in Nordstrom (NYSE:JWN) are set to defy the trend and open higher after the retailer released a set of strong second quarter numbers.
Total net sales rose 9.2% year-on-year, while like-for-like, or same store, sales were up 4.9%.
Second quarter earnings of US$211mln were up from US$183mln the year before. Earnings per share rose to US$1.09 a share from 95 cents a share the year before, and topped expectations of earnings per share of 90 cents.
King Digital Entertainment (NYSE:KING) is looking increasingly like a one-hit wonder. The Candy Crush game maker reported a drop in profits with bookings falling 13% sending shares 7% lower in after-hours trade.
Investors apparently can't get enough of shares of electric car maker Tesla (NASDAQ:TSLA), which yesterday said it would tap the market for funds, selling US$500mln of new shares.
On Friday, the company announced the size of the share offer would be upped, and it would seek to raise about US$652mln by offering shares at US$242 a share.
The amount could rise even further, to US$750mln, if the share issue's underwriters choose to participate.