U.S. stock futures were lower Friday morning after General Electric (NYSE: GE) reported its flat quarterly profits and as concerns remain over the problems at government sponsored mortgage companies Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE). Some economic data is also on tap, but barring any breaking announcements, it seems stocks will drop at the start of trading, especially if oil continues its way up.

On Thursday, U.S. stocks managed to post gains. What might have given a big push to stocks, a large multi-billion takeover of Rohm and Haas by Dow Chemical, was offset somewhat by concerns over the solvency of Fannie Mae and Freddie Mac and another surge in oil prices. The Dow industrials ended 81 points higher, or 0.73%, the S&P 500 rose 8 points, or 0.7%, and the Nasdaq Composite added 22 points, or 1.03%.

Oil concerns may very well continue today as crude oil rose for a third day, to within $1 of a record, on supply concerns rising from a possible strike on Brazil oil platforms coupled with further unrest in the Middle East and Nigeria. Oil already soared $5.60 Thursday, or 4.1%, to settle at $141.65 a barrel. Today, crude oil for August delivery rose as much as $3.45, or 2.4%, to $145.10 a barrel on the New York Mercantile Exchange

On the economic front, May trade balance is due out at 8:30 a.m. EDT. At the same time, import and export prices in June will be released.
The University of Michigan also is due to release at 10:00 a.m. a preliminary reading on consumer sentiment in July.

In corporate news, first GE's earnings. The industrial conglomerate says its profit fell 6% in the second quarter, but excluding charges, it was flat at 54 cents per share, meeting analyst estimates. Total revenue has risen to $46.89 billion from $42.38 billion a year earlier. And after it said it would spin off its consumer and industrial businesses, already today GE said it would sell its consumer finance arm in Japan to Shinsei Bank. GE shares are up 1.6% in premarket trading.

Also, the Fannie Mae-Freddie Mac saga continues. The two have plunged (again) in recent days due to fears about the companies' viability. Now it was reported that the government may be forced to rescue the two sponsored mortgage buyers. But shares continue to plunge and in premarket action FNM shares are down over 17% and FRE shares down over 18% at 7:18 a.m.

And finally, GE isn't the only one selling assets these days. Citigroup (NYSE: C) will sell its German retail banking operation to France's Credit Mutuel for $7.7 billion in cash. Citi shares are down 1.6% in premarket trading.