Major U.S. stock indexes are poised to open higher Friday at the end of a bumpy few days of trading, as investors prepare for a huge week of critical economic data and earnings reports.
Futures tied to the Dow Jones Industrial Average were up 0.2%, while those linked to the S&P 500 and Nasdaq 100 rose 0.3% and 0.4%, respectively. On Thursday, the Dow finished lower for the fourth straight day, while the S&P 500 and Nasdaq gained ground as EV maker Tesla (TSLA) had its best day in more than a decade. The major indexes remain on track to snap a six-week streak of weekly gains.
Tesla shares were down about 1.5% in premarket trading Friday, while other large cap technology stocks were mostly higher. Nvidia (NVDA), Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (META) and Amazon (AMZN) were rising, while Apple (AAPL) was down slightly.
After several busy days of earnings releases from major companies, the calendar is light on Friday. Shares of Deckers (DECK) were up 14% after the maker of Uggs and Hoka footwear released better-than-expected quarterly results and boosted its outlook. Centene (CNC) shares were up 13% after the health insurer reported strong earnings, while Colgate-Palmolive (CL) was down 1% after releasing its results.
Next week brings earnings reports from ‘Magnificent 7’ members Apple, Microsoft, Alphabet, Meta and Amazon, as well as Intel (INTC), Advanced Micro Devices (AMD), McDonald’s (MCD), Eli Lilly (LLY), ExxonMobil (XOM), Starbucks (SBUX) and many other noteworthy companies.
On the economic data front, the only item of note on Friday is consumer sentiment data that is due for release at 10:00 a.m. ET. Investors are bracing for key readings next week on inflation and the monthly jobs report, as they look for continued signs that the economy is on sound footing, as well as information that could influence the Federal Reserve’s upcoming decisions on interest rates.
The yield on 10-year Treasurys, which is sensitive to expectations about where interest rates are headed, was down slightly at 4.19% in recent trading. The yield surged above 4.20% earlier this week for the first time since late July as investors have recalibrated their projections on how aggressive the Fed will be in cutting its benchmark lending rate.
Gold futures were down slightly this morning, at around $2,740 an ounce, while bitcoin was holding steady at around $68,200.