Futures edge up on tech boost; Netflix climbs after upbeat earnings
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Netflix gains, beats subscriber growth estimates
CVS falls after replacing CEO
American Express up after profit beat
Futures up: Dow 0.09%, S&P 500 0.17%, Nasdaq 0.38%
Updated at 07:00 a.m. ET/ 1100 GMT
By Lisa Pauline Mattackal and Purvi Agarwal
Oct 18 (Reuters) - Wall Street futures inched higher on Friday, led by gains in those tracking the Nasdaq 100 as technology shares broadly advanced, while Netflix soared following strong quarterly results.
Shares of Netflix NFLX.O gained 6.5% 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.
Most of the so-called MagnificentSeven stocks, which have driven much of Wall Street's rally this year, were higher in premarket trading, with Apple AAPL.O up 1.5% after data showed a jump in new iPhone sales in China.
Chip heavyweight Nvidia NVDA.O was up 0.9%, extendinggains from Thursday following strong results from contract chipmaker TSMC 2330.TW, which lifted semiconductor stocks.
However, Tesla TSLA.O lost 0.5% after the U.S. auto safety regulator said it hasopened a probe into the EV-maker's self-driving software after reports of four collisions, including one fatal crash.
Dow E-minis 1YMcv1 were up 37 points, or 0.09%, S&P 500 E-minis EScv1 were up 10 points, or 0.17%, and Nasdaq 100 E-minis NQcv1 were up 76.5 points, or 0.38%.
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, while the S&P 500 is nearing the psychologically important 6,000 mark.
All three major indexes were set to logtheir sixth consecutive week of gains, although the Russell 2000 .RUT is set to outperform with a roughly 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.
Stretched valuations - the S&P 500 is trading at nearly 22 times forward earnings - and high expectations for corporate results could also leave stocks vulnerable to a pullback amid indications that investors are exploring less expensive market sectors.
"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.
Procter & Gamble PG.N was little changed after missing first-quarter sales expectations, while oil giant SLB SLB.N added 1% after beating quarterly profit estimates.
American Express AXP.N climbed 2.4% after its quarterly profit beat estimates.
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 its Novembermeeting have remained fairly steady throughout the week, currently standing at 92.1%, according to CME's FedWatch.
Meanwhile, U.S. listings of Chinese companies leapt after the domestic centralbank launched funding schemes aimed at boosting the equity market. Alibaba BABA.N gained 2.9%, JD.com JD.O rose 5.5% and PDD Holdings PDD.O jumped 4.7%.
CVS Health CVS.N slipped 11.3% after a report said it had named long-time executive David Joyner its newtop boss.
Reporting by Lisa Mattackal and Purvi Agarwal in Bengaluru; Editing by Pooja Desai
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