U.S. stock futures were edging higher ahead of Friday’s open, as investors digest third straight record closes for the Dow industrials and S&P 500, with import prices and a consumer sentiment survey ahead. Shares of Walt Disney were climbing in premarket after better-than-expected results.
How are markets trading?
Dow Jones Industrial Average futures
rose 0.1% to 35,451
S&P 500 futures
were modestly higher at 4,458
were also inching up at 15,085.25
Thursday marked the first time since Mar. 15, 2021 that both the Dow and S&P 500 closed at a record for three consecutive days. The Dow industrials
closed up 14.88 points or 0.04% to 35499.85, the S&P 500
finished the day up 13.13 points or 0.30% to 4460.83, and the Nasdaq Composite
rose 51.13 points or 0.35% to 14816.26.
What’s driving the market?
Investors have been inspired by data this week, such as tame consumer prices and a fall in weekly jobless claims on Thursday, that helped fuel another record session. That’s as markets continue to closely watch the fast-spreading delta variant of coronavirus and its potential effects on global recoveries and reopenings.
More data are ahead for Friday in the form of July import prices and a preliminary August University of Michigan consumer sentiment survey.
“With a quiet session and no major macro releases, we expect a low volatility session with an attempt to set new highs in the S&P 500 or retreat mildly into the weekend,” said Steen Jakobsen, chief investment officer at Saxo Bank, in a note to clients.
The U.S. Food and Drug Administration late Thursday authorized an extra COVID-19 shot for those with compromised immune systems, but didn’t confirm media reports that it would update emergency-use authorizations for the Pfizer
There were fresh concerns surrounding China, which has been battling to keep new outbreaks under control. Officials shut down the Meishan Terminal of China’s Ningbo-Zhoushan Port, the world’s biggest by tonnage shipped, which serves North America and Europe, due to a COVID-19 case.
“Those ripples won’t just be felt in China but also globally. The impact has been most noticeable in regional stock markets with a high beta to trade and China,” said Jeffrey Halley, senior market analyst at Oanda, in a note to clients.
Which companies are in focus?
Shares of Walt Disney Co.
climbed 5% in premarket, after the media and entertainment giant reported its strongest sales and profit since pre-pandemic and forecast-beating new subscriber numbers for its streaming service.
shares fell 19% in premarket trading, after the parent of e-commerce site Wish reported slowing demand for its products, less activity on its platform and higher-than-expected costs.
shares are down 3%, after the lodging-booking company said second-quarter revenue nearly quadrupled to $1.3 billion, beating analysts’ forecasts, but failed to give specific guidance.
shares fell 5%, after the online food-ordering group reported record order volume and total orders in the second quarter, but forecast weakness in the third quarter.