U.S. stock futures indicate a modestly higher open on Friday, potentially extending gains from the past two sessions. Positive economic data and strong corporate earnings are supporting investor optimism despite ongoing trade war concerns.
Shares of 3M (NYSE:MMM) jumped 2.7% pre-market after reporting better-than-expected Q2 results and raising full-year sales guidance. American Express (NYSE:AXP) also looks set for gains following its strong quarterly earnings.
Conversely, Netflix (NASDAQ:NFLX) fell 2.9% pre-market despite beating Q2 estimates, due to a warning about lower operating margins in the second half.
Housing stocks may benefit from a Commerce Department report showing new U.S. residential construction rebounded more than expected in June.
On Thursday, the Nasdaq and S&P 500 reached record closing highs, with the Nasdaq up 0.7%, S&P 500 up 0.5%, and Dow up 0.5%.
Economic reports showed retail sales rose 0.6% in June, beating forecasts, and first-time jobless claims fell to a three-month low of 221,000. Import prices increased less than expected.
Market sectors performing well include networking, oil services, financials, steel, and software. Pharmaceutical and healthcare stocks lagged.
Chris Zaccarelli, CIO of Northlight Asset Management, noted that despite tariff concerns, the strong economy and consumer spending continue to fuel stock market gains.
This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.
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