US pre-open: Futures point to day of gains as Dow flirts with record high
US stock futures pointed to a strong finish to the week on Wall Street, with the Dow Jones Industrial Average poised for a foray in record territory.
Dow Jones I.A.
37,986.40
04:30 15/10/20
Nasdaq 100
17,037.65
12:15 19/04/24
Netflix Inc.
$555.04
13:04 19/04/24
S&P 500
4,967.23
23:23 19/04/24
Symantec Corp.
$20.50
11:30 19/04/24
The index was expected to open approximately 22 points higher, while the S&P 500 and the Nasdaq were set to begin the final session of the week up buy three and 13 points respectively.
US stocks rallied on Thursday, with the S&P closing at a record high as investors were buoyed by a positive jobless claims report.
On Friday, investors will focus on a raft of economic data, which could have implications for the Federal Reserve, given the emphasis the central bank places on economic indicators.
“The weak data as well as the dovish inclinations of Fed Chair Janet Yellen point to a cautious approach to hiking rates- which is supportive of stocks.” said Jasper Lawler, analyst at CMC Markets.
The Empire State manufacturing index is released at 13:30 BST, with analysts expecting an improvement from -1.2 in April to 5.5 in May, while April industrial production and capacity utilisation will be published at 14:15 BST.
At 15:00 BST the University of Michigan reading of consumer sentiment is expected to show a retreat from last month’s level of 95.9.
“Gasoline prices have risen in recent weeks, while equity-market volatility has picked up as stock prices have declined,” Barclays analysts said in a note.
“Both factors suggest that sentiment may slip in May from the strong April reading.”
In company news, Netflix rose 1.64% in pre-market trading after reports the Internet TV network was in talks with a Chinese media group to enter the country’s on-demand streaming market.
Security software firm Symantec rose 2.29% ahead of the bell, despite missing its earnings forecast late on Thursday, while retailer Nordstrom slid 2.65% after its results fell short of estimates.
Elsewhere, almost all European stocks built on Thursday’s gains to edge higher, while Hong Kong’s Hang Seng index closed up 2%, following speculation that a stock-connect programme between Hong Kong and Shenzhen could be announced in the next 48 hours.
The dollar rose 0.36% against the pound and gained 0.54% and 0.41% against the yen and the euro respectively, while gold futures slid 0.94% to $1,213.70.
Oil prices were marginally lower, with West Texas Intermediate losing 0.52% to $59.57 a barrel, while Brent shed 0.11% to $66.63 a barrel.