Wall Street futures rise as tech stocks gain, Netflix jumps after strong earnings
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Futures up: Dow 0.07%, S&P 500 0.22%, Nasdaq 0.46%
Oct 18 (Reuters) -Wall Street futures climbed on Friday, led by gains in those tracking the Nasdaq 100 as technology shares broadly advanced, while Netflix surged following upbeat results.
Shares of Netflix NFLX.O gained 5.8% in premarket trading after the streaming giant topped Wall Street estimates for subscriber additions and said it expected continued growth through the end of the year.
All the so-called Magnificent Seven stocks, which have been the main drivers of Wall Street's gains this year, were higher in premarket trading, with Apple AAPL.O gaining 1.1% after data showed a jump in new iPhone sales in China.
Chip heavyweight Nvidia NVDA.O was up 1.2%, building on gains in the previous session after strong results from contract chipmaker TSMC 2330.TW lifted semiconductor stocks.
Dow E-minis 1YMcv1 were up 30 points, or 0.07%, U.S. S&P 500 E-minis EScv1 were up 13 points, or 0.22%, Nasdaq 100 E-minis NQcv1 were up 93 points, or 0.46%.
Meanwhile, U.S. listings of Chinese companies leapt after the central bank launched funding schemes aimed at boosting the equity market. Alibaba BABA.N gained 3.7%, JD.com JD.O rose 5.4% and PDD Holdings PDD.O jumped 5.6%.
Upbeat earnings from financial companies and broadly positive economic data have lifted the Dow and the S&P 500 to fresh record highs this week. The Dow closed at a record high on Thursday, although there are indications investors are exploring less expensive corners of the market.
All three major indexes were on track for their sixth consecutive week of gains, although the Russell 2000 .RUT is set to outperform with a 2% rise. Futures tracking the small-cap index RTYcv1 were up 0.4%.
At the same time, Treasury yields inched higher, with the benchmark 10-year note yield US10YT=RR back above 4.1%, which could further pressure equities.
"We anticipate further broadening of equity-market performance now that rate cutting is underway, but larger companies are both fully valued and less sensitive to rate changes, which leads us to continue to favor higher quality small and medium-sized companies," Neuberger Berman portfolio managers said.
Stretched valuations amid high expectations for corporate results - the S&P 500 is trading at nearly 22 times forward earnings - could also leave stocks vulnerable to a pullback.
The Procter & Gamble Company PG.N, American Express AXP.N and SLB SLB.N are scheduled to report results before the bell.
September housing starts are on the data docket, while Fed officials Christopher Waller, Neel Kashkari and Raphael Bostic are slated to speak during the day.
Expectations for the U.S. Federal Reserve to ease interest rates by 25 basis points at the November meeting have remained fairly steady throughout the week, currently standing at 92.1%, according to CME's FedWatch.
Reporting by Lisa Mattackal in Bengaluru; Editing by Pooja Desai
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