(For a Reuters live blog on U.S., UK and European stock

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Futures up: Dow 0.03%, S&P 500 0.03%, Nasdaq 0.05%

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Netflix ( NFLX ) raises 2025 revenue guidance; shares down

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Crypto stocks up as House passes stablecoin legislation

(Updates with prices)

By Pranav Kashyap and Nikhil Sharma

July 18 (Reuters) -

U.S. stock index futures were muted on Friday, taking a

breather after the S&P 500 and the Nasdaq closed the previous

session at record highs on upbeat earnings and economic data,

while Netflix's ( NFLX ) standout profit failed to ignite enthusiasm.

At 6:57 a.m. ET, S&P 500 E-minis were up 2

points, or 0.03%, with 69,586 contracts changing hands. Nasdaq

100 E-minis were up 12.5 points, or 0.05%, and Dow

E-minis were up 12 points, or 0.03%.

Wall Street's winning streak continued overnight, with the

S&P 500 and the Nasdaq notching record closes

after upbeat data on retail sales and jobless claims signaled a

healthy U.S. economy. The data gives the Federal Reserve some

breathing room to assess the inflationary effects of U.S.

tariffs.

Also driving the momentum on Thursday were impressive

quarterly results from corporate giants like PepsiCo ( PEP ) and

United Airlines, while chip producer TSMC's

record profit buoyed technology stocks.

Netflix ( NFLX ) rode the success of "Squid Game" to top

earnings estimates and boost its revenue outlook for the year.

Yet, the streaming giant's shares slipped 1.6% in premarket

trading. It has risen 43% this year.

Additionally, 3M ( MMM ) rose 3.2% after the industrial

giant lifted its full-year profit forecast, as cost-cutting

measures and efforts to focus on high-margin products pay off.

All eyes remain on whether President Donald Trump's tariff

measures are starting to ripple through the economy. The Fed has

signaled it will stay the course on interest rates until it sees

clearer signs of how higher import taxes are shaping inflation.

Traders now put the odds of a rate cut in September at about

56.3%, with a July move nearly off the table, according to CME's

FedWatch tool.

"This week's data supports the wait-and-see camp on the Fed.

Tariffs are percolating to consumer prices but is not

withholding households from opening their wallets," said Kenneth

Broux, head of corporate research and rates, at Societe

Generale.

Meanwhile, investors were also eyeing the preliminary

reading for July consumer sentiment data later in the day.

Federal Reserve Governor Christopher Waller signaled on

Thursday that mounting economic risks and tame inflation have

him backing an interest rate cut by this month's end,

downplaying concerns that tariffs will fuel lasting price hikes.

As the second-quarter earnings season gets underway, early

results from 36 S&P 500 companies that reported, more than 80%

have topped Wall Street's earnings expectations, according to

LSEG I/B/E/S data.

The S&P 500 and the Dow are on track for only modest

advances this week, as investors navigate a swirl of mixed

signals - robust retail sales, a spike in consumer inflation,

and a stall in producer prices for June.

Cryptocurrency stocks rose after the U.S. House of

Representatives passed a bill that would develop a regulatory

framework for cryptocurrencies.

Robinhood Markets ( HOOD ) and Coinbase Global COIN.O gained

2.5% and 2.7%, respectively, while Bitfarms rose 3.7%

and Hut 8 ( HUT ) edged up 1%.

Chevron ( CVX ) will proceed with its $53 billion

acquisition of Hess, after it prevailed in a landmark

legal battle against larger rival Exxon Mobil ( XOM ) to gain

access to the largest oil discovery in decades.

Shares of Chevron ( CVX ) and Hess were up 3% and 7%, respectively.