Following a robust performance in the previous session, stocks may experience a lack of clear direction at the start of Friday’s trading. The major index futures suggest a relatively flat market opening, with the S&P 500 futures showing a slight dip of 0.1 percent.
Investors may pause to catch their breath after a period of significant volatility in recent sessions, where major indices have fluctuated noticeably yet remain on track for a positive week.
With limited activity on the U.S. economic calendar, traders might remain cautious. However, attention will be on the University of Michigan's upcoming release of its revised consumer sentiment index for November. It is anticipated that the index will be adjusted upwards to 73.7 from its preliminary figure of 73.0, which had already increased from October's 70.5.
Next week promises a release of more critical economic data, including the Federal Reserve's preferred consumer price inflation metrics.
In company news, shares of Gap (GAP) are seeing a significant rise in pre-market trading after the retailer announced third-quarter earnings that surpassed expectations and subsequently lifted its guidance for the full year. Likewise, NetApp (NTAP), a data technology company, is expected to open strong after its fiscal second-quarter earnings beat analyst predictions. Conversely, shares of Intuit (INTU) might face pressure despite reporting better-than-expected first-quarter fiscal results due to offering a less optimistic outlook for the current quarter.
During Thursday’s session, stocks initially experienced considerable volatility but largely trended upwards as the day progressed. All major indices concluded the day positively, with the Dow emerging as a standout performer by advancing 461.88 points or 1.1 percent to 43,870.35. The S&P 500 increased by 31.60 points or 0.5 percent to close at 5,948.71, and the tech-centric Nasdaq edged up by 6.28 points or less than a tenth of a percent to 18,972.42.
Internationally, the Asia-Pacific markets showcased mixed results on Friday. Japan’s Nikkei 225 Index rose by 0.7 percent, while Hong Kong’s Hang Seng Index declined by 1.9 percent, and China’s Shanghai Composite Index dropped sharply by 3.1 percent.
Conversely, European markets have all advanced today. The U.K.'s FTSE 100 Index is up by 1.1 percent, Germany's DAX Index increased by 0.6 percent, and France's CAC 40 Index rose by 0.3 percent.
In the commodities sector, crude oil futures are declining by $0.41 to $69.69 per barrel, following a $1.35 increase to $70.10 per barrel on Thursday. Meanwhile, gold futures have risen by $21.10 to $2,696 an ounce after surging $23.20 to $2,674.90 an ounce in the previous session.
On the currency markets, the U.S. dollar is trading at 154.21 yen, slightly down from 154.54 yen at the close of New York trading on Thursday. Against the euro, the dollar stands at $1.0432, compared to the previous day’s $1.0474.
