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Amazon Overperformance Lifts US Equity Futures Pre-Bell Amid Potential Expansion of Mid-East Conflict to Egypt

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US equity futures were higher pre-bell Friday as tech stocks, led by Amazon (AMZN), were on the upswing, amid a potential expansion of the Middle East conflict to include Egypt.

Dow Jones Industrial Average futures were 0.5% higher, S&P 500 futures were up 0.3%, and Nasdaq futures were 1.1% higher.

Amazon stock was up 11% in premarket activity after the tech giant reported better-than-expected Q2 results that highlighted the strength of its cloud-computing business.

Egypt reported that a drone strike hit two vessels at the port of Damietta on Wednesday. No party has claimed responsibility for that attack, which is the first one in the country's territory since the war between the US and Iran began in late February.

Iran said it attacked US assets in Kuwait and Bahrain after the recent wave of US strikes this week, CNBC reported Friday, citing state media.

Traders digested the latest round of earnings, with Exxon Mobil (XOM) posting higher Q2 adjusted earnings and revenue.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.7% at $88.38 per barrel and US West Texas Intermediate crude 1.5% higher at $84.85 per barrel.

The Chicago purchasing managers index for July, due at 9:45 am ET, is seen coming in at 56.0, down from its prior value of 56.7, according to estimates compiled by Bloomberg.

The final University of Michigan consumer sentiment report for July, scheduled at 10 am ET, is expected to show consumer sentiment index coming in at 54.0, down from 54.4 in the prior period.

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