* Visa, GE rise as quarterly results beat estimates
* Mattell down after reporting drop in sales
* First round of French election due to be held on Sunday
* Futures up: Dow 10 pts, S&P 2 pts, Nasdaq 6.25 pts
(Adds details, comment, updates prices)
By Tanya Agrawal
April 21 Wall Street looked set to open slightly
higher on Friday as earnings rolled in, while investors braced
for the first round of the closely contested French presidential
Centrist Emmanuel Macron is leading most opinion polls for
the election's first round on Sunday and is expected to contest
a second-round run-off with Marine Le Pen, head of the
anti-European Union and anti-immigrant National Front.
"Although Macron has been labeled as favorite to become the
next French President, an unexpected Marine Le Pen victory could
deal a symbolic blow to the unity of the European Union and
ultimately create a tidal wave of risk aversion," FXTM analyst
Lukman Otunuga said in a note.
The indexes looked set to snap their two-week losing streak
following a rally on Thursday, driven partly by Treasury
Secretary Steven Mnuchin's comments that an overhaul of the tax
code will be unveiled very soon.
"The comments about the tax reform and generally good
quarterly earnings are giving equities a bit of a boost," said
Scott Brown, chief economist at Raymond James in St. Petersburg,
Of the 82 companies in the S&P 500 that have reported
earnings through Thursday afternoon, about 75 percent have
topped expectations, according to Thomson Reuters data, above
the 71 percent average for the past four quarters.
Overall, profits of S&P 500 companies are estimated to have
risen 11.1 percent in the quarter, the best since 2011.
Dow e-minis were up 10 points, or 0.05 percent, with
20,915 contracts changing hands at 8:25 a.m. ET (1225 GMT).
S&P 500 e-minis were up 2 points, or 0.09 percent,
with 115,342 contracts traded.
Nasdaq 100 e-minis were up 6.25 points, or 0.11
percent, on volume of 24,801 contracts.
On the economic front, data is expected to show March
existing home sales expanded slightly to 5.6 million from 5.48
million in February. The data is expected at 10 a.m. ET (1400
Markit's PMI flash data for April is expected to show a
slightly higher reading.
Oil prices edged lower, on course for the biggest weekly
drop in a month, over doubts that an OPEC-led production cut
will restore balance to an oversupplied market.
Shares of Dow component Visa were up 2.6 percent at
$93.50 in premarket trading after the payments network
operator's quarterly results beat expectations.
General Electric was up 1.8 percent at $30.80 after
the company's revenue beat Wall Street expectations.
Mattel fell 7.2 percent to $23.40 after the toymaker
reported a far bigger-than-expected quarterly loss and drop in
(Reporting by Tanya Agrawal; Editing by Anil D'Silva)