Futures on the rise ahead of Goldman earnings and retail sales data
- Futures: Dow 0.42%, S&P 0.34%, Nasdaq 0.27%
Oct. 15 (Reuters) – U.S. equity futures edged higher on Friday and showed weekly gains for major indices, ahead of Goldman Sachs results, which is expected to end a strong third-quarter earnings season for big banks .
Shares of Wall Street’s most prolific trader rose 0.7% in pre-market trading.
Strong results from a group of banks, including Citigroup (CN) and Morgan Stanley (MS.N), propelled the S&P 500 (.SPX) to its biggest daily percentage gain since early March Thursday, while the data on the labor market and inflation allayed fears about the outlook for rate hikes.
However, a Commerce Department report, due at 8:30 a.m. ET, is expected to show retail sales slumped in September amid continued shortages of motor vehicles and other goods.
The data will come against the backdrop of rising oil prices, labor shortages and supply chain disruptions, factors that have rocked investors and led to recent turmoil in the market.
As of 6:33 a.m. ET, Dow e-minis were up 147 points, or 0.42%, S&P 500 e-minis were up 15 points, or 0.34%, and Nasdaq e-minis 100 were up 41.25 points, or 0.27%.
This week’s shift to rate-sensitive growth names such as Microsoft Corp (MSFT.O), Amazon.com Inc (AMZN.O), Apple Inc (AAPL.O) and Google Parent Alphabet (GOOGL.O) looked set to continue, with their shares on the rise.
Moderna Inc (MRNA.O) rose 3.0% after a U.S. FDA panel voted to recommend booster shots of its COVID-19 vaccine for Americans aged 65 and older and those with high risk. Read more
Western Digital (WDC.O) slipped 2.5% as Goldman Sachs lowered the storage hardware maker’s inventory to “neutral” from “buy.”
Shares of cryptocurrency and blockchain-related companies Coinbase Global (COIN.O), China-based SOS, MicroStrategy Inc (MSTR.O), Riot Blockchain (RIOT.O), Marathon Digital (MARA.O) rose between 2.3% and 3.9% as bitcoin hit $ 60,000 for the first time since April. Read more
Energy companies including Chevron Corp (CVX.N) and Exxon Mobil (XOM.N) each gained about half a percent, following Brent crude prices which rose $ 85 a barrel.
Reporting by Devik Jain in Bengaluru and Federica Urso in Gdansk; Editing by Anil D’Silva
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