Upbeat earnings lift futures ahead of retail sales data

[February 14, 2020]  By Medha Singh

(Reuters) - U.S. stock index futures rose on Friday, lifted by a handful of positive earnings reports, while investors kept a close watch on retail sales data and assessed the economic fallout of the coronavirus outbreak.

Nvidia Corp <NVDA.O> jumped 6.4% in premarket trading as it forecast first-quarter revenue that topped analysts' expectations, reinforcing expectations of a rebound in chip demand.

Shares of rival Intel Corp <INTC.O> rose 0.6%, while Advanced Micro Devices Inc <AMD.O> gained 1.6%.

Wall Street is on course for a second straight weekly rise after hitting a series of record highs as a largely positive fourth-quarter earnings season and confidence in the U.S. economy helped investors look past conflicting headlines on the virus.

A recent Reuters poll showed the virus-hit Chinese economy will grow at its slowest rate since the financial crisis in the current quarter but the downturn will be short-lived if the outbreak is contained.

Chinese health authorities reported more than 5,000 new cases on Friday, suggesting that the epidemic was showing no signs of easing.

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., February 6, 2020. REUTERS/Lucas Jackson

At 7:26 a.m. ET, Dow e-minis <1YMcv1> were up 29 points, or 0.1%. S&P 500 e-minis <EScv1> were up 6 points, or 0.18% and Nasdaq 100 e-minis <NQcv1> were up 31 points, or 0.32%.

Among stocks, Expedia Inc <EXPE.O> rose 11.8% as analysts were impressed by the online travel services company's strong core quarterly earnings forecast in the face of the coronavirus uncertainty.

EBay Inc <EBAY.O> advanced 2.2% as the ecommerce company added $3 billion to its 2020 share buyback plan and forecast current-quarter profit above analysts' expectations.

Markets participants will focus on the retail sales data for January, due at 8:30 a.m. ET, and industrial production report scheduled for release at 9:15 a.m.

(Reporting by Medha Singh in Bengaluru; Editing by Anil D'Silva)

[© 2020 Thomson Reuters. All rights reserved.]

Copyright 2020 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.