The major U.S. index futures are pointing to a higher opening on Friday, as rate worries abate and the market prepares to focus on the next big catalyst.
On Thursday, the major averages opened lower and moved mostly below the unchanged line before closing firmly in the red, as lingering worries concerning interest rates, mixed economic data and earnings disappointments dragged stocks lower.
| Index | Performance (+/-) | Value | |
|---|---|---|---|
| Nasdaq Composite | -1.73% | 10,342.94 | |
| S&P 500 Index | -1.06% | 3,719.89 | |
| Dow Industrials | -0.46% | 32,001.25 |
Here’s a peek into index futures trading:
| Index | Performance (+/-) | |
|---|---|---|
| Nasdaq 100 Futures | +0.88% | |
| S&P 500 Futures | +0.81% | |
| Dow Futures | +0.63% | |
| R2K Futures | +0.52% |
In premarket trading on Friday, the SPDR S&P 500 ETF Trust(NYSE:SPY) rose 0.61% to $373.28 and the Invesco QQQ Trust (NASDAQ:QQQ) gained 0.70% to $262.32, according to Benzinga Pro data.
On the economic front, the Labor Department is scheduled to release its non-farm payrolls report for October at 8:30 a.m. EDT. The economy may have added 200,000 jobs in the month, slower than the 288,000 positive change in the previous month. The unemployment rate is expected to have ticked up one-tenth of a percentage point to 3.6%. The year-over-year change in the average hourly earnings — an inflation gauge — is expected at 4.7%, slower than the 5% increase in September.
Federal Open Market Committee member Eric Rosengren is scheduled to speak at 10 a.m. EDT.
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Stocks In Focus:
- Payment processor Block, Inc. (NYSE:SQ) rallied over 14% in premarket trading on its third-quarter earnings beat.
- Other stocks moving to the upside include Insulet Corp. (NASDAQ:PODD), DoorDash, Inc. (NYSE:DASH) and Microchip Technology, Inc. (NASDAQ:MCHP).
- Business collaboration software marker Atlassian Corp. (NASDAQ:TEAM) and communications software provider Twilio Inc. (NASDAQ:TWLO) plunged about 25% each in reaction to their quarterly results.
- Cardinal Health, Inc. (NYSE:CAH), DraftKings, Inc. (NASDAQ:DKNG), Dominion Energy, Inc. (NYSE:D), Duke Energy Corp. (NYSE:DUK) and Cinemark Holdings, Inc. (NYSE:CNK) are among the key companies reporting earnings ahead of the market open.
Commodities, Other Global Equity Markets:
Crude oil futures rallied over 3%, topping $90-a-barrel market, after Thursday’s pullback.
The major markets in the Asia-Pacific region rallied across the board, with the Hong Kong market leading from the front. The Japanese market, which remained closed on Thursday, retreated in late reaction to the Fed’s rate hike.
European stocks have rallied out of the gates and sustained their gains into late morning trading.
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