U.S. equity futures advanced on Friday as a risk-on mood took hold in global markets, fueled by solid economic data, President Joe Biden’s federal spending plans and optimism central banks will maintain stimulus.
At 8:05 a.m. ET, Dow E-minis were up 162 points, or 0.47%, S&P 500 E-minis were up 15 points, or 0.36% and Nasdaq 100 E-minis were up 47.25 points, or 0.35%.
The 10-year U.S. Treasury yield hovered above 1.60% amid growth optimism and concerns of more debt supply to fund spending. U.S. data Thursday included a drop in jobless claims to a fresh pandemic low. Investors will watch figures on personal spending and the Federal Reserve’s preferred inflation measure later Friday for further clues on the outlook for prices.
Global stocks are set to climb for a fourth month, supported by the economic rebound from Covid-19. Comments from Federal Reserve officials have helped temper fears that inflation could spark a faster-than-expected reduction in stimulus. Treasury Secretary Janet Yellen said she sees the burst in prices as temporary, though likely to last through the end of 2021.
“Between now and year end, we see a little more room for stocks to move up from where they are today and the highs they already achieved earlier this year,” Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets LLC, wrote in a note. “But we don’t think that the path to get there will be smooth and think a short-term pullback before the year is up remains likely.”
Elsewhere, oil advanced to a two-year peak but gold retreated. Bitcoin slipped toward the $35,000 level. Copper and iron ore gained as optimism about the U.S. spending plan offset concern about China’s efforts to curb price increases.
Stocks making the biggest moves in the premarket:
AMC Entertainment(AMC) – The movie theater operator's shares jumped another 15.4% in premarket trading, following four straight days of gains and a nearly 36% surge in Thursday's session alone. AMC – popular among the so-called "meme" stocks – has more than doubled this week.
Ulta Beauty(ULTA) – Ulta Beauty reported quarterly earnings of $4.07 per share, more than twice the $1.95 a share consensus estimate. The cosmetics retailer reported better-than-expected revenue as well and Ulta raised its full-year guidance, with cosmetics sales rising as the pandemic recedes. Its stock jumped 6% in premarket action.
Salesforce.com(CRM) - Salesforce shares rallied 5.2% in the premarket after it reported quarterly earnings of $1.21 per share, topping the 88 cents a share consensus estimate. The business software giant's revenue exceeded analysts' forecasts as well, helped by strength in its "Customer 360" platform.
Boeing(BA) – Boeing fell 1.2% in the premarket on news that the jet maker had halted deliveries of its 787 Dreamliner. Federal regulators want more information about Boeing's proposed solutions to previously identified quality control issues.
Big Lots(BIG) – The discount retailer initially gained ground but then fell 1.5% in premarket trading, despite reporting a better-than-expected quarter. Big Lots earned $2.62 per share, compared to a consensus estimate of $1.69 a share. Revenue topped estimates as well. Comparable-store sales rose 11.3%, compared to a consensus FactSet estimate of 5.7%.
Hibbett Sports(HIBB) – The sporting goods retailer's shares surged 5.8% in the premarket after it reported quarterly earnings of $5.00 per share, beating the consensus estimate of $2.77. Revenue exceeded expectations as well amid an 87.3% surge in same-store sales. Hibbett also raised its full-year forecast in anticipation of benefiting from pent-up demand.
Dell Technologies(DELL) – Dell earned $2.13 per share for the first quarter, topping the $1.61 consensus estimate. The computer maker's revenue beat estimates as well. Dell continues to benefit from the ongoing surge in demand for desktop PCs and notebooks, but did note the possible impact of the computer chip shortage on supplies.
HP Inc.(HPQ) – HP also benefited from elevated computer demand, beating estimates by 4 cents a share with quarterly profit of 93 cents per share. Revenue topped estimates as well. HP also benefiting from better-than-expected results in its printer business. HP raised its full-year guidance, but also warned of the possible chip shortage impact, prompting a 5.6% drop in the stock in the premarket.
Box(BOX) – Box beat estimates by a penny a share, with quarterly earnings of 18 cents per share. Revenue also topped Wall Street forecasts for the cloud computing company. Box also raised its full-year forecast.
Costco(COST) – Costco earned $2.75 per share for its latest quarter, compared to a consensus estimate of $2.35 a share. The warehouse retailer saw revenue beat forecasts as well. Costco also warned of increasing costs for products and worker salaries.
Gap(GPS) – Gap reported a quarterly profit of 48 cents per share, surprising analysts who had expected a loss of 5 cents per share. The apparel retailer's revenue also beat estimates, and the company issued an upbeat forecast amid strength in categories like activewear and dresses. Despite the upbeat results, Gap fell 1.3% in the premarket.
Bristol-Myers Squibb(BMY) – The drugmaker received Food and Drug Administration approval to use its Zeposia drug to treat ulcerative colitis. The oral treatment – acquired when Bristol Myers bought Celgene for $74 billion in 2019 — is already approved to treat multiple sclerosis.
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