Yahoo Finance Dow futures rise 155 pts; Gap impresses with quarterly results
By Peter Nurse
Investing.com -- U.S. stocks are seen opening higher Friday, as investors digest some positive quarterly earnings from the retail sector as well as hawkish tones from Federal Reserve policymakers.
At 07:10 ET (12:10 GMT), the Dow Futures contract was up 155 points or 0.5%, S&P 500 Futures traded 25 points or 0.7% higher, and Nasdaq 100 Futures climbed 100 points or 0.8%.
Gap (NYSE:GPS) stock traded over 8% higher premarket after the retail chain beat estimates for quarterly sales and profit late Thursday, helped by steady demand for its formal clothing and dresses from affluent consumers.
On the other end of the scale, Ross Stores (NASDAQ:ROST) stock gained over 17% after the discount retailer beat quarterly expectations as customers sought out cheaper options, given falls in disposable income.
These gains come after the main stock indices closed lower Thursday after a number of Fed officials suggested the U.S. central bank should still raise interest rates with inflation still too high.
St. Louis Fed President James Bullard said the Fed needs to keep raising interest rates, given that its tightening so far "had only limited effects on observed inflation," while Minneapolis Federal Reserve Bank President Neel Kashkari said the U.S. central bank shouldn't stop raising rates until it's clear that inflation has peaked.
The blue-chip Dow Jones Industrial Average closed just 7 points lower, while the broad-based S&P 500 dropped 0.3%, and the tech-heavy Nasdaq Composite fell 0.4%. All three indices are on course to register a negative week, which would mark the second weekly declines in three weeks.
Susan Collins continues the Fed speak later in the season, while the data slate is largely empty, with only existing home sales due for October.
Additional companies in the spotlight Friday include Live Nation Entertainment (NYSE:LYV) after the Ticketmaster parent canceled Friday's sale of tickets for pop star Taylor Swift's tour due to high demand and insufficient inventory.
Palo Alto Networks (NASDAQ:PANW) stock also soared premarket after the cybersecurity provider beat expectations for revenue and per-share earnings.
Oil prices edged lower Friday, heading for a steep weekly decline as a growing number of COVID cases in China threatened demand growth at the world's largest crude importer.
China reported over 25,000 new COVID-19 infections on Nov. 17, the National Health Commission said on Friday, which is the highest level since April and is approaching a record high.
The Baker Hughes' weekly oil rig count and CFTC positioning data close the week, as usual.
By 07:10 ET, U.S. crude futures traded 0.3% lower at $81.39 a barrel, down over 7% week-to-date, while the Brent contract fell 0.8% to $89.09, around 6% lower so far this week.
Additionally, gold futures rose 0.1% to $1,764.35/oz, while EUR/USD traded 0.2% higher at 1.0383.
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Dow futures rise 155 pts; Gap impresses with quarterly results
