S&P 500 futures edge higher after record close, Wall Street set for winning week
U.S. stock futures were slightly higher on Friday as investors processed a new wave of corporate earnings, following a historic day on Wall Street that saw major benchmarks hit fresh records.
S&P 500 futures climbed 0.1%, while Nasdaq-100 futures posted similar gains. Futures tied to the Dow Jones Industrial Average added 14 points, or less than 0.1%, News.Az reports, citing foreign media.
The modest uptick comes a day after the S&P 500 closed 0.5% higher at a record level, reaching an all-time intraday peak during Thursday’s session. The Nasdaq Composite gained 0.7%, also hitting new highs, while the Dow advanced 0.5%.
Investors are cheering a strong earnings season. 3M shares rose more than 2% after the company reported better-than-expected second-quarter results. Conversely, Netflix shares slipped over 1% in extended trading despite beating Wall Street estimates for both earnings and revenue and raising its full-year revenue outlook.
Optimism has been reinforced by upbeat results from other corporate heavyweights earlier in the week. PepsiCo and United Airlines posted strong earnings Thursday, following robust reports from major banks such as JPMorgan and Goldman Sachs earlier this week.
Economic data has also contributed to the bullish sentiment, signaling resilience in the U.S. economy.
“I think this market deserves the benefit of the doubt, and what got you here is still the growth sectors,” Keith Lerner, co-chief investment officer and chief market strategist at Truist, told CNBC’s Closing Bell. “We would stick with the underlying trend, which still seems positive in our world.”
For the week, the S&P 500 is up 0.6% through Thursday’s close. The Dow is on track for a 0.3% gain, while the Nasdaq remains the standout performer with a 1.5% advance.
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