US equity futures are on the rise, with tech leading the way, thanks to Netflix's results which surpassed high expectations and sent its stock to an all-time high. As of 8:00 am, S&P futures were up 0.2% to 5,900 while Nasdaq futures gained 0.5%, with most MegaCap Tech named higher: NVDA +1.2%, AAPL +1.1%, and NFLX jumped 6% post earnings beat. Bond yields are mixed and the USD is lower; 2-, 5-, 10-year yields are 0.45bp lower, 0.23bp higher, and 0.6bp higher, respectively. Commodities are mixed with oil higher, base metals lower, and precious metals higher after China macro data beat estimates but confirmed the downward trend of China's economy. Today, the key macro focus will be housing data (Housing Start and Building Permit), as well as AXP and PG earnings.
In premarket trading, Netflix shares rose 6.5% after the streaming company reported third-quarter results that beat expectations on key metrics, including subscriber additions. It also gave a forecast that is seen as positive. However, Phillip Securities downgraded its rating, flagging valuation concerns on the back of the recent stock rally. Apple rose as data showed China sales of its latest iPhone increased 20% in the first three weeks compared with the 2023 model. Here are some other notable premarket movers:
Boston Scientific slips 1.2% after Needham & Co downgraded the stock to hold from buy, with the analyst seeing slowing revenue growth in 2025.
CVS Health shares tumble 13% after the retail pharmacy chain reported third-quarter preliminary profit that fell short of Wall Street’s expectations, plus higher-than-forecast medical costs. The company also named David Joyner as its new CEO, replacing Karen Lynch.
Intuitive Surgical shares gain 6.4% after the company reported third-quarter adjusted earnings per share that came ahead of consensus estimates. Piper Sandler said it was encouraged by another strong quarter of placements for the da Vinci 5, a surgical robot that makes it easier for surgeons to understand movement inside the body during operations.
The US opened a federal investigation into whether Tesla’s partial-automation system known as Full Self-Driving is defective after four crashes, one of which resulted in a fatality. Tesla shares fell 0.6%.
US-listed Chinese stocks rally in Friday’s premarket trading after President Xi Jinping vowed to support the tech sector. A slew of central bank statements also boosted optimism.
Zeta Global shares are down 4.3% after Barclays downgraded the application software company to equal-weight from overweight.
Treasuries steadied from their heavy selling after a batch of strong data on the US economy Thursday recast expectations for interest-rate cuts. Much stronger than expected retail sales - driven entirely by record seasonal adjustments - underscored how consumer spending continues to power the American economy, lessening the urgency for the Federal Reserve to unwind restrictive rate policy. One beneficiary of the improving US economic narrative has been small-cap stocks. The Russell 2000 index is close to reclaiming a 2024 high as weakening inflation spurs bets the Fed has room to cut rates, albeit not by as much as previously thought.
Small caps are also getting a boost from the so-called Trump Trade, according to BofA strategist Michael Hartnett who echoed Stanley Druckenmiller saying there are signs investors are positioning for presidential victory by Donald Trump, moving into banks, small-cap stocks and the dollar, assets that rallied in November 2016 in the wake of his last successful run. Bitcoin, another favored Trump Trade, also closed in on a fresh record, while gold traded at a record high above $2700.
A broadening out of the stock rally beyond tech megacaps would be a development that Gene Salerno, chief investment officer at SG Kleinwort Hambros Ltd. said he’d welcome. “It’s something frankly we’ve wanted to see for some time,” he said.
In Europe, the Stoxx 600 climbs 0.3%, with mining and technology leading gains, while media and personal care, drug and grocery-store stocks lag. Here are the biggest movers Friday:
European sectors with high exposure to China advance on Friday, as the country’s central bank moved to support markets, signaling authorities’ determination to continue their stimulus push and draw a line under the slowdown
Comet shares jump as much as 7.5% after the Swiss supplier of radio-frequency tools to the semiconductor industry posted better-than-expected results, assuaging fears that guidance would’ve been lowered
Brunello Cucinelli shares rise as much
US equity futures are on the rise, with tech leading the way, thanks to Netflix's results which surpassed high expectations and sent its stock to an all-time high. As of 8:00 am, S&P futures were up 0.2% to 5,900 while Nasdaq futures gained 0.5%, with most MegaCap Tech named higher: NVDA +1.2%, AAPL +1.1%, and NFLX jumped 6% post earnings beat. Bond yields are mixed and the USD is lower; 2-, 5-, 10-year yields are 0.45bp lower, 0.23bp higher, and 0.6bp higher, respectively. Commodities are mixed with oil higher, base metals lower, and precious metals higher after China macro data beat estimates but confirmed the downward trend of China's economy. Today, the key macro focus will be housing data (Housing Start and Building Permit), as well as AXP and PG earnings.
In premarket trading, Netflix shares rose 6.5% after the streaming company reported third-quarter results that beat expectations on key metrics, including subscriber additions. It also gave a forecast that is seen as positive. However, Phillip Securities downgraded its rating, flagging valuation concerns on the back of the recent stock rally. Apple rose as data showed China sales of its latest iPhone increased 20% in the first three weeks compared with the 2023 model. Here are some other notable premarket movers:
Boston Scientific slips 1.2% after Needham & Co downgraded the stock to hold from buy, with the analyst seeing slowing revenue growth in 2025.
CVS Health shares tumble 13% after the retail pharmacy chain reported third-quarter preliminary profit that fell short of Wall Street’s expectations, plus higher-than-forecast medical costs. The company also named David Joyner as its new CEO, replacing Karen Lynch.
Intuitive Surgical shares gain 6.4% after the company reported third-quarter adjusted earnings per share that came ahead of consensus estimates. Piper Sandler said it was encouraged by another strong quarter of placements for the da Vinci 5, a surgical robot that makes it easier for surgeons to understand movement inside the body during operations.
The US opened a federal investigation into whether Tesla’s partial-automation system known as Full Self-Driving is defective after four crashes, one of which resulted in a fatality. Tesla shares fell 0.6%.
US-listed Chinese stocks rally in Friday’s premarket trading after President Xi Jinping vowed to support the tech sector. A slew of central bank statements also boosted optimism.
Zeta Global shares are down 4.3% after Barclays downgraded the application software company to equal-weight from overweight.
Treasuries steadied from their heavy selling after a batch of strong data on the US economy Thursday recast expectations for interest-rate cuts. Much stronger than expected retail sales - driven entirely by record seasonal adjustments - underscored how consumer spending continues to power the American economy, lessening the urgency for the Federal Reserve to unwind restrictive rate policy. One beneficiary of the improving US economic narrative has been small-cap stocks. The Russell 2000 index is close to reclaiming a 2024 high as weakening inflation spurs bets the Fed has room to cut rates, albeit not by as much as previously thought.
Small caps are also getting a boost from the so-called Trump Trade, according to BofA strategist Michael Hartnett who echoed Stanley Druckenmiller saying there are signs investors are positioning for presidential victory by Donald Trump, moving into banks, small-cap stocks and the dollar, assets that rallied in November 2016 in the wake of his last successful run. Bitcoin, another favored Trump Trade, also closed in on a fresh record, while gold traded at a record high above $2700.
A broadening out of the stock rally beyond tech megacaps would be a development that Gene Salerno, chief investment officer at SG Kleinwort Hambros Ltd. said he’d welcome. “It’s something frankly we’ve wanted to see for some time,” he said.
In Europe, the Stoxx 600 climbs 0.3%, with mining and technology leading gains, while media and personal care, drug and grocery-store stocks lag. Here are the biggest movers Friday:
European sectors with high exposure to China advance on Friday, as the country’s central bank moved to support markets, signaling authorities’ determination to continue their stimulus push and draw a line under the slowdown
Comet shares jump as much as 7.5% after the Swiss supplier of radio-frequency tools to the semiconductor industry posted better-than-expected results, assuaging fears that guidance would’ve been lowered
Brunello Cucinelli shares rise as much
