Futures Pointing To Mixed Open On Wall Street

wallstreet sept06 22oct21 lt

With traders reacting to the latest earnings news, the major U.S. index futures are currently pointing to a mixed open on Wall Street on Friday. While the Dow futures are up by 55 points, the Nasdaq 100 futures are down by 30 points.

Disappointing earnings news from leading tech companies is likely to weigh on the Nasdaq, with shares of Intel (INTC) moving sharply lower in pre-market trading.

The drop by Intel comes after the semiconductor giant reported third quarter earnings that beat estimates but weaker than expected sales. The company also warned of lower profit margins over the next few years.

Snapchat parent Snap (SNAP) is also seeing substantial pre-market weakness after reporting mixed third quarter results and warning changes to Apple's iOS privacy rules will lead to slower growth.

On the other hand, shares of American Express (AXP) are likely to move to the upside after the financial services giant reported third quarter results that exceeded expectations on both the top and bottom lines.

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.

Later this morning, Federal Reserve Chair Jerome Powell is due to participate in a panel discussion at the Virtual Bank for International Settlements-South African Reserve Bank Centenary Conference.

Stocks moved mostly higher over the course of the trading day on Thursday, extending the upward trend seen over the past several sessions. The S&P 500 moved higher for the seventh straight session, reaching a new record closing high.

The tech-heavy Nasdaq climbed 94.02 points or 0.6 percent to 15,215.70 and the S&P 500 rose 13.59 points or 0.3 percent to 4,549.78, while the Dow climbed well off its worst levels but still edged down 6.26 points or less than a tenth of a percent to 35,603.08.

In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance during trading on Friday. Japan's Nikkei 225 Index rose by 0.3 percent, while China's Shanghai Composite Index fell by 0.3 percent.

Meanwhile, the major European markets have all moved to the upside on the day. While the U.K.'s FTSE 100 Index has risen by 0.5 percent, the German DAX Index and the French CAC 40 Index are up by 0.8 percent and 0.9 percent, respectively.

In commodities trading, crude oil futures are climbing $0.76 to $83.26 a barrel after slumping $0.92 to $82.50 a barrel on Thursday. Meanwhile, after slipping $3 to $1,781.90 an ounce in the previous session, gold futures are jumping $18.90 to $1,800.80 an ounce.

On the currency front, the U.S. dollar is trading at 113.78 yen versus the 113.99 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1632 compared to yesterday's $1.1623.

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