Stock futures are going nowhere

US stock futures are little changed ahead of the market open on Friday.

Near 8:48 a.m. ET, Dow futures were down 2 points, S&P 500 futures were unchanged, and Nasdaq futures were up four points.

The Nasdaq and the small-cap Russell 2000 closed at a record on Thursday. The Dow and S&P 500 had their best day of the week.

Global stock markets are rallying, with Germany’s Dax and France’s CAC up by as much as 1% in trading.

Chinese stocks are the big exception. The Shanghai composite index plunged 6.4% to 4,481.22, marking the first time since January 2014 that it entered a correction, according to Bloomberg. It’s also been the worst week for the index since the 2008 financial crisis. There are worries that Chinese stocks are in a bubble.

Focus is once again on Greece. The latest is that the European Central Bank has raised the ceiling for its Emergency Liquidity Assistance (ELA) for Greek banks. The amount is not yet known.

The EU will hold an emergency meeting on Monday, after Greece’s talks with creditors went nowhere yesterday.

Government bond funds just saw the biggest weekly outflow ever, according to Bank of America Merril Lynch.

There is no major economic data on tap today. But at 1:00 p.m. ET, we’ll get the latest count of US oil and gas rigs from Baker Hughes.

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