Futures higher; healthcare, tech stocks in focus

[May 11, 2018]  By Sruthi Shankar

(Reuters) - U.S. stock index futures edged higher on Friday, setting up Wall Street to build on a week-long rally, but focus will be on technology and healthcare stocks after tepid results from Nvidia and President Donald Trump's renewed focus on drug pricing.

Trader Michael Capolino shouts out a bid on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid

The technology sector, and chipmakers in particular, could be under pressure after revenue from Nvidia's <NVDA.O> closely watched data center business missed analysts' estimates.

Shares of Nvidia <NVDA.O> fell 2.3 percent in premarket trading, while those of Advanced Micro Devices <AMD.O> dropped 1.2 percent.

Healthcare stocks could be volatile as Trump is expected to give a highly anticipated speech about controlling prescription drug prices later in the day.

At 7:33 a.m. ET, Dow e-minis <1YMc1> were up 56 points, or 0.23 percent. S&P 500 e-minis <ESc1> were up 6.25 points, or 0.23 percent and Nasdaq 100 e-minis <NQc1> were up 10.25 points, or 0.15 percent.

The S&P 500 <.SPX> reclaimed its 100-day moving average for the first time since April 19, suggesting to some traders that the market may move higher.

With one trading session to go, the benchmark index is up 2.24 percent so far this week, on track for its best week since March 9.

Symantec Corp <SYMC.O> declined 25.1 percent after the Norton Antivirus maker said it was investigating concerns raised by a former employee and forecast full-year results below analysts' estimates.

James Bullard, the president of St. Louis Federal Reserve, will speak on monetary policy at 8:30 a.m. ET.

He has expressed concern about economic growth in recent months, so this will be a chance to see if the recent slowdown in inflation has changed his outlook.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D'Silva)

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