Nasdaq futures exhibited a mixed performance and remained relatively stable as the opening bell approached on Friday, following the S&P 500’s record close the previous day, alongside rising oil prices and Treasury yields. Futures for the Nasdaq 100 and S&P 500 increased by 0.2% and 0.1%, respectively, whereas futures for the Dow Jones Industrial Average declined by 0.2%. The benchmark S&P 500 broke passed the 7800 barrier for the first time yesterday, closing slightly below it as investor worries about potential rate hikes by the Federal Reserve subsided after a mild wholesale inflation report. The tech-focused Nasdaq Composite and blue-chip Dow also closed higher, with the Dow breaking a three-session losing streak.
As Friday approached, the S&P 500 and Nasdaq recorded increases of 0.5% and 0.4% for the week, respectively, positioning them to extend their weekly winning streaks to three. In contrast, the Dow experienced a decline of 0.4% following two consecutive weeks of gains. The Census Bureau is set to release the July retail sales data at 8:30 a.m, with forecasts indicating a 0.1% increase following a 0.2% rise in June spending. Additionally, the University of Michigan consumer sentiment survey is scheduled for release at 10 a.m., and the public sentiment remains pessimistic, with numerous individuals expressing concerns regarding the labour market. Memory stocks Sandisk, Western Digital, Micron Technology, Seagate Technology, and SK Hynix experienced an increase of 1% to 5.5% in premarket trading on Friday, following a notable surge of approximately 4% to 14% on Thursday.
They are components of the Roundhill Memory ETF, which pointed up 1.5% after advancing 4% yesterday. The Magnificent Seven mega-cap tech firms exhibited a mixed performance prior to the market opening, with all but Amazon ending the previous trading session in positive territory on Thursday. Tesla was up less than 1% after leading the group’s advances at almost 4% yesterday. Elsewhere, Reddit shares soared 12% after S&P Dow Jones Indices announced the stock would join the S&P 500 ahead of the opening bell next Tuesday; Applied Materials sank 5.5% following its earnings report; and SpaceX stock pointed up nearly 1% after declining more than 3% in the prior session. Crude oil futures rose modestly Friday following two days of declines after Treasury Secretary Scott Bessent told Newsmax that next week the U.S. was “going to apply measures like have never been seen in the history of the economic isolation of a country,” referring to Iran.
WTI futures, the U.S. benchmark, advanced 0.7% to $81.80 a barrel in recent trading, while Brent futures, the international benchmark, were up 0.3% to $87.30. The 10-year Treasury yield, a key determinant of interest rates across various consumer loans such as mortgages, was approximately 4.66% in recent trading, reflecting an increase from about 4.65% at Thursday’s close. Gold futures declined by 0.3%, settling at $4,405 per ounce. Bitcoin traded at approximately $62,800, experiencing a minor decline over the preceding 24 hours. The U.S. dollar index, which monitors the value of the greenback relative to a selection of foreign currencies, experienced a decline of 0.2%, settling at 99.73.
