Stock futures rose early Friday after averages rebounded from a three-day series of losses in the previous session, led by technology stocks.
Futures on the Dow Jones Industrial Average showed an opening gain of around 101 points. S&P 500 futures rose 0.3% and Nasdaq 100 futures rose 0.2%.
Bitcoin, which rocked the markets with a 30% collapse earlier in the week, remained stable in the $ 40,000 range for a second day. Major technology stocks should continue their rally. Tesla was 2% higher in premarket retail. Netflix was higher too.
Profits were broad across industries early on Friday. Cruise lines won after the carnival said some brands would resume cruises in July. The carnival increased in premarket trade by 1%.
Ford, which had 20,000 reservations for its new F-150 electric pickup on Thursday, gained 1.7% in early trading. Home Depot shares rose 0.7% after the retailer announced a new $ 20 billion share buyback program.
The futures move followed a comeback day on Wall Street with the Dow gaining 186 points and the S&P 500 and Nasdaq Composite ending the day 1.06% and 1.77% higher, respectively. Microsoft, Facebook, and Alphabet all gained more than 1%, while Netflix and Apple each gained more than 2%.
Stocks of Tesla and other speculative parts of the market rebounded as Bitcoin prices rebounded after a roller coaster ride on Wednesday. A new pandemic low in unemployment claims also added to the mood on Thursday.
“Thursday’s improvement in jobless claims confirms our view that April’s disappointing job report was more of a slip than a sign of slowdown, and we expect the labor market to see significant improvement in the coming months,” he said Scott Ruesterholz, Portfolio Manager at Insight Investment.
Despite Thursday’s rebound, the Dow is down 0.9% over the past week on track to see its fourth negative week in the past five weeks. The S&P 500 is 0.4% lower from the week, in line with the pace of the second negative week in a row. The Nasdaq Composite is up 0.8% and is positioned to break a 4-week losing streak.
– CNBC’s Yun Li contributed to this report.
