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U.S. Stocks May See Further Upside In Early Trading

wallstreet1 061318 24jun22 lt

After ending the previous session mostly higher, stocks are likely to see further upside in early trading on Friday. The major index futures are currently pointing to a higher open for the markets, with the S&P 500 futures up by 0.8 percent.

Strength in overseas markets may carry over onto Wall Street early in the session, as stocks look to snap a three-week losing streak.

Reflecting the rally on Tuesday and the late-day advance on Thursday, the major averages are starting the day posting strong gains for the week.

Potentially adding to the positive sentiment, shares of FedEx (FDX) are seeing pre-market strength after the delivery giant narrowly missed fiscal fourth quarter earnings estimates but provided upbeat guidance for the current year.

Not long after the start of trading, the Commerce Department is scheduled to release its report on new home sales in the month of May. New home sales are expected to dip by 0.5 percent to an annual rate of 588,000 in May after plunging by 16.6 percent to a rate of 591,000 in April.

The University of Michigan is also due to release its revised reading on consumer sentiment in the month of June. The consumer sentiment index is expected to be unrevised at a record low 50.2.

Stocks extended the volatility seen during Thursday's session, fluctuating over the course of the trading day on Friday. Benefiting from the some late-day strength, the major averages all ended the session firmly in positive territory.

The Nasdaq and the S&P 500 reached new highs for the session going into the close of trading. The Dow climbed 194.23 points or 0.6 percent to 30,677.36, the Nasdaq surged 179.11 points or 1.6 percent to 11,232.19 and the S&P 500 jumped 35.84 points or 1 percent at 3,795.73.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan's Nikkei 225 Index shot up by 1.2 percent, while China's Shanghai Composite Index advanced by 0.9 percent.

The major European markets have also moved to the upside on the day. While the French CAC 40 Index has spiked by 2 percent, the U.K.'s FTSE 100 Index is up by 1.6 percent and the German DAX Index is up by 1 percent.

In commodities trading, crude oil futures are jumping $2.25 to $106.52 a barrel after slumping $1.92 to $104.27 a barrel on Thursday. Meanwhile, after falling $8.60 to $1,829.80 an ounce in the previous session, gold futures are slipping $5 to $1,824.80 an ounce.

On the currency front, the U.S. dollar is trading at 135.10 yen versus the 134.95 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0529 compared to yesterday's $1.0523.

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