U.S. stock futures traded mixed on Friday after three consecutive days of gains, with S&P 500 futures edging higher amid rising earnings optimism and signs of easing U.S.-China trade tensions.
The first quarter earnings report of Google-parent Alphabet Inc. GOOG GOOGL topped estimates, adding to investor confidence following weeks of uncertainty.
Investors will be keeping an eye on AbbVie Inc. ABBV, HCA Healthcare Inc. HCA, and Aon PLC AON, among several other corporate earnings that are set to be released on Friday.
U.S. 10-Year Treasury yields stood at 4.3% and 2-Year Treasury yields at 3.80%. According to the CME Group’s FedWatch tool predictions, there is a 95.3% chance of the Federal Reserve keeping interest rates unchanged during its next meeting in May.
| Futures | Change (+/-) |
| Dow Jones | -0.13% |
| S&P 500 | +0.20% |
| Nasdaq 100 | +0.22% |
| Russell 2000 | -0.48% |
The SPDR S&P 500 ETF Trust SPY and the Invesco QQQ Trust QQQ dipped 0.19% and 0.37%, respectively, in Friday's premarket trading, according to Benzinga Pro data.
Cues From Last Session:
The markets were buoyed by the strong performance of Alphabet and T-Mobile US Inc. TMUS, but several others, such as Procter & Gamble Co. PG and PepsiCo Inc. PEP, fell short of estimates.
Economic data was largely mixed on Thursday, with the Initial Jobless Claims report at 220,000, against a forecast of 222,000, while Existing Home Sales came in at 4.03 million, falling short of the median forecast at 4.13 million.
All S&P 500 sectors advanced on Thursday, barring consumer staples, which declined 0.88% owing to the lackluster earnings of PepsiCo and Procter & Gamble during the day.
As of Thursday, the Nasdaq 100 was down 13.5% from its previous high of 22,222.61 points, the S&P 500 was down 10.8% from a high of 6147.43 points, and finally, the Dow Jones Industrial Average was down 11% from its high of 45,073.63.
| Index | Performance (+/-) | Value |
| Nasdaq Composite | 2.74% | 17,166.04 |
| S&P 500 | 2.03% | 5,484.77 |
| Dow Jones | 1.23% | 40,093.40 |
| Russell 2000 | 2.00% | 1,957.59 |
Insights From Analysts:
Market analyst, Ryan Detrick, highlighted the fact that the S&P 500 has risen by at least 1.5% for three trading days in a row, saying that, “This isn’t stuff you see in bear market rallies or short covering rallies.”
“You see this before times of strong performance,” he says, “higher 10 out of 10 times a year later and up 21.6% on average,” each time you see three consecutive daily gains of 1.5% or more in the S&P 500.
Upcoming Economic Data:
Here’s what investors will be looking at on Friday,
- The Consumer Sentiment (Final) report is set to be released at 10 AM Eastern Time on Friday.
Stocks In Focus:
- AbbVie Inc. ABBV is up 2.40% in pre-market trade as it is set to report its earnings this morning, with analysts expecting earnings of $2.40 per share, on $12.9 billion in revenue.
- HCA Healthcare Inc. HCA is down 0.43% pre-market and is set to report its earnings before the bell, with analysts expecting $5.75 per share, on $18.3 billion in revenue.
- Aon PLC AON is set to report its earnings prior to the opening bell and is up 1.08% pre-market. Analysts expect earnings of $6.03 per share, on $4.8 billion in revenue.
- Colgate-Palmolive Co. CL is up 0.18% in pre-market trade in anticipation of its first quarter earnings prior to the opening bell. Analysts expect the FMCG giant to post $0.86 per share in earnings, on $4.8 billion in revenue.
- Charter Communications Inc. CHTR is down 4.8% in pre-market trade and is set to report its first quarter results before markets open. Analysts expect $8.59 per share in earnings and $13.7 billion in revenue.
Commodities, Gold And Global Equity Markets
Crude oil futures are trading down 0.68% in the early New York session on Friday, at $62.63 per barrel.
The U.S. Dollar Index (DXY) is up 0.37%, trading at 99.74, while gold spot prices continue to witness a pullback, trading at 3,299.63, down 1.08%.
Asian markets edged higher on Friday, with the Nikkei 225, Kospi, and Shenzhen ending the day in the green, along with Australia’s ASX 200. India’s Nifty 50 and the Sensex are ending the week down.
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