Arizona Tribune - Stocks mixed after tech drubbing

Wall Street's three main stock indices opened higher following a bad day in the tech-heavy Nasdaq as earnings from Netflix and Tesla disappointed.

The Nasdaq, which fell 2.1 percent on Thursday, rose 0.6 percent as trading got underway.

"There isn't much more to it other than a Pavlovian, buy-the-dip response knowing that the news flow hasn't possessed a catalytic pop," said Briefing.com analyst Patrick O'Hare.

"What will be watched closely today is whether that response holds up as the day progresses or if it is stifled by a renewed bid to take some money off the table," he added.

There has been plenty to keep investors worried.

"There has been talk of a worsening of the conflict in Ukraine, a further slowdown in China and major US banks facing significant real estate losses," said Lewis Grant of Federated Hermes.

"Each of these threats, along with uncountable unknowns, has the potential to halt the sentiment rebound in its tracks."

Investors have been pouring over data to guess the US Federal Reserve's next move head of its interest rate policy meeting next week.

A jobs report on Thursday showing a drop in jobless claims revived expectations of two more rate hikes this year as the strength of the US economy gives the Fed more room to tighten its monetary policy.

The European Central Bank and Bank of Japan are also holding monetary policy meetings next week.

Traders are also keeping an eye on Beijing, hoping for some movement on plans to kickstart China's economy, the world's second largest after the United States.

Officials have unveiled various pledges, particularly to help embattled developers, but apart from a small rate cut last month, there has been very little of substance.

There is hope, however, for something at a key meeting at the end of July.

In Russia, the central bank on Friday hiked its key interest rate to 8.5 percent, the first increase in more than a year, amid fears that a weakening ruble will drive up inflation in the country.

On currency markets, the yen rallied briefly against the dollar after data showed Japanese inflation picked up speed in June, which some saw as putting further pressure on the Bank of Japan to tighten policy.

However, the yen later slid more than one percent as observers suggested the figures were unlikely to shift monetary policymakers from their ultra-loose stance.

The central bank is expected to stand pat at its meeting next week, after governor Kazuo Ueda's recent dovish comments.

Elsewhere, the pound fell against the euro and dollar.

Britain's ruling Conservatives on Friday held the former seat of ex-Prime Minister Boris Johnson but saw hefty majorities in two other constituencies blown away as voters responded to scandals during his tenure and high inflation.

But London's benchmark FTSE 100 index was "on course to close out its best week in months in solid fashion" as UK retail sales figures for June beat expectations, said Danni Hewson, head of financial analysis at AJ Bell.

- Key figures around 1330 GMT -

New York - Dow: UP 0.2 percent at 35,289.34 points

London - FTSE 100: UP 0.3 percent at 7,666.03

Frankfurt - DAX: DOWN 0.3 percent at 16,153.43

Paris - CAC 40: UP 0.6 percent at 7,426.35

EURO STOXX 50: UP 0.3 percent at 4,385.46

Tokyo - Nikkei 225: DOWN 0.6 percent at 32,304.25 (close)

Hong Kong - Hang Seng Index: UP 0.8 percent at 19,075.26 (close)

Shanghai - Composite: DOWN 0.1 percent at 3,167.75 (close)

Euro/dollar: UP at $1.1134 from $1.1113 on Thursday

Pound/dollar: DOWN at $1.2846 from $1.2867

Euro/pound: UP at 86.65 pence from 86.50 pence

Dollar/yen: UP at 141.44 yen from 140.05 yen

Brent North Sea crude: UP 0.6 percent at $80.11 per barrel

West Texas Intermediate: UP 0.6 percent at $76.09 per barrel

burs-rl/lth

E.Hall--AT