US stocks edge higher, ASX futures slip

US stocks edged higher, while Treasuries advanced as an ongoing pause in trade tensions outweighed a mixed start to earnings season. ASX futures slipped 7 points.

The S&P 500 Index rose for a second week, breaking through the key 2800 level for the first time since March. Big banks opened earnings with mixed results, while AT&T's stock slumped after the Justice Department said it will appeal an antitrust ruling in favour of the company. Shares of Cisco Systems tumbled after reports Amazon is considering becoming a competitor, dragging down networking-equipment companies.

The US dollar saw its largest weekly gain in a month, while the 10-year Treasury yield clung to its first weekly advance in five. The rouble declined after Special Counsel Robert Mueller indicted 12 Russian spies for hacking, just days before Donald Trump will meet Vladimir Putin. West Texas crude climbed to above $US70 a barrel.

The Australian dollar was 0.2 per cent higher at US74.18¢ at about 6.30am AEST on Saturday.

"Trade issues aren't going away, investors are going into areas perceived to be safer. And as long as you've got a market where there is rotation, that's telling you investors are still prepared to be exposed to the stock market," Quincy Krosby, chief market strategist at Prudential Financial, said by phone.

Traders may get some relief as earnings season gets underway in earnest. Trade tensions seemed to ease somewhat, with officials in Beijing appearing to moderate their responses to Trump's tariff threats amid a slowing economy, falling stock market and weakening currency. Still, China's monthly trade surplus with the US rose to a record in June and exports to the nation also soared, underlining the cause of the escalating trade war.

Meanwhile, most metals declined, with gold heading for the lowest close in a year. Copper fell for a fifth week. Iron ore imports to China dropped 11.6 per cent in June. Emerging-market shares extended gains to head for a first weekly advance in five.

And here are the main market moves:

Stocks

The S&P 500 Index rose 0.1 per cent to 2801.22 as of 4 p.m. New York time.
The Dow was up 0.4 per cent. The Nasdaq finished flat.
The Stoxx Europe 600 Index increased 0.2 per cent
The MSCI All-Country World Index rose 0.2 per cent.
The MSCI Emerging Market Index climbed 0.4 per cent.

Currencies

The Bloomberg Dollar Spot Index fell 0.1 per cent.
The euro was steady at $US1.1671.
The British pound was little changed at $US1.3201.
The Japanese yen rose 0.1 per cent to 112.42 per US dollar.

Bonds

The yield on 10-year Treasuries dipped two basis points to 2.83 per cent.
The gap between the 2-year and 10-year Treasuries narrowed to 25 basis points.
Germany's 10-year yield sank two basis points to 0.34 per cent.
Britain's 10-year yield dipped one basis points to 1.273 per cent.

Commodities

The Bloomberg Commodity Index declined 0.3 per cent.
West Texas Intermediate crude advanced 0.5 per cent to $US70.68 a barrel.
Gold fell 0.5 per cent to $US1241.29 an ounce.