After ending the previous session sharply higher, stocks may give back some ground in early trading on Friday. The major index futures are currently pointing to a lower open for the markets, with the S&P 500 futures down by 0.5 percent.
Traders may look to cash in on yesterday’s rally, which saw the S&P 500 post its biggest percentage gain since November 2022.
Lingering concerns about the outlook for the U.S. economy may also weigh on Wall Street even after yesterday’s report showing a bigger than expected pullback by weekly jobless claims.
Overall trading activity may be somewhat subdued, however, with a lack of major U.S. economic data likely to keep some traders on the sidelines.
Traders may also be reluctant to make significant moves ahead of the release of key economic data next week, including closely watched readings on inflation as well as reports on retail sales and industrial production.
Among individual stocks, shares of Expedia (EXPE) are moving sharply higher in pre-market trading after the travel technology company reported better than expected second quarter results.
Cloud computing company Akamai Technologies (AKAM) is also likely to see initial strength after reporting second quarter results that beat estimates and raising its full-year guidance.
On the other hand, shares of e.l.f. Beauty (ELF) are seeing significant pre-market weakness even though the company reported better than expected fiscal first quarter results.
Stocks moved sharply higher during trading on Thursday, with the major averages more than offsetting the downturn seen over the course of the previous session. The major averages surged early in the session and saw further upside as the day progressed.
The major averages moved roughly sideways going into the close, hovering near their best levels of the day. The Nasdaq soared 464.22 points or 2.9 percent to 16,660.02, the Nasdaq spiked 119.81 points or 2.3 percent to 5,319.31 and the Dow jumped 683.04 points or 1.8 percent to 39,446.49.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan’s Nikkei 225 Index climbed by 0.6 percent, while Hong Kong’s Hang Seng Index shot up by 1.2 percent.
Most European stocks have also moved to the upside on the day. The U.K.’s FTSE 100 Index is up by 0.3 percent and the French CAC 40 Index is up by 0.2 percent, although the German DAX Index is nearly unchanged.
In commodities trading, crude oil futures are rising $0.34 to $76.53 a barrel after jumping $0.96 to $76.19 a barrel on Thursday. Meanwhile, after surging $30.90 to $2,463.30 an ounce in the previous session, gold futures are inching up $3.10 to $2,466.40 an ounce.
On the currency front, the U.S. dollar is trading at 146.68 yen versus the 147.23 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0909 compared to yesterday’s $1.0919.
