Stock futures rise as Dow looks to snap longest losing streak since April
Stock futures were higher Friday morning following a losing session on Wall Street.
Futures tied to the Dow Jones Industrial Average gained 57 points, or 0.1%. S&P 500 futures advanced 0.3%, while Nasdaq-100 futures rose 0.8%.
Broadcom gained more than 17% after posting fiscal fourth quarter adjusted earnings that beat estimates and reporting that artificial intelligence revenue soared 220% for the year. Micron, Nvidia
and AMD followed Broadcom higher in early trading.
The moves come on the heels of a losing session on Wall Street. The 30-stock Dow dropped 234 points, or about 0.5%, falling for a sixth consecutive day and marking its longest losing streak since April. The Nasdaq Composite fell nearly 0.7% and broke below the 20,000 mark as technology stocks such as Nvidi slumped, while the S&P 500 edged down about 0.5%.
For the week, the Dow is heading for a 1.6% decline, while the S&P 500 is on pace for slide of 0.6%. The Nasdaq has outperformed, on track for a 0.2% advance for the period.
Thursday’s moves followed a producer price index report for November that came in ahead of expectations. Wholesale prices increased 0.4% last month, higher than the Dow Jones consensus estimate of 0.2%.
The recent rise in equities has fanned some concerns of an overvalued market fueled by a postelection rally, but some on Wall Street think there may still be more room to run.
“I think we’re at the point of optimism, I don’t think we’re at the point of euphoria right now,” Joe Terranova, chief market strategist at Virtus Investment Partners, said Thursday on CNBC’s “Closing Bell.” “I think the reason to be skeptical about the ability for the market to have another significant positive year like it’s had the last two years is the fact that everyone is bullish.”
He thinks now is the time for investors to focus on specific sectors, rather than an overall rise in equities.
Friday marks a light day for economic data, with November import and export data due out.(Cay)
Source: CNBC
