Futures edge higher ahead of Goldman earnings, retail sales data
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[October 15, 2021] By
Devik Jain
(Reuters) - U.S. stock futures edged higher
on Friday and pointed to weekly gains for major indexes, ahead of
results from Goldman Sachs, which is expected to round out a strong
third-quarter earnings season for big banks.
Shares of Wall Street's most prolific dealmaker were up 0.7% in
premarket trading.
Strong results from a clutch of banks, including Citigroup and Morgan
Stanley, propelled the S&P 500 to its biggest daily percentage gain
since early March on Thursday, while data on the labor market and
inflation eased fears over the outlook for higher rates.
However, a Commerce Department report, due at 08:30 a.m. ET, is likely
to show retail sales fell in September amid continued shortages of motor
vehicles and other goods.
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The data will come against the backdrop of climbing oil prices, labor
shortages and supply chain disruptions, factors that have rattled
investors and have led to recent choppiness in the market.
At 06:33 a.m. ET, Dow e-minis were up 147 points, or 0.42%, S&P 500
e-minis were up 15 points, or 0.34%, and Nasdaq 100 e-minis were up
41.25 points, or 0.27%.
This week's move into rate-sensitive growth names such as Microsoft
Corp, Amazon.com Inc, Apple Inc and Google-parent Alphabet looked set to
continue, with their shares inching up.
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Traders work on the floor of the New York Stock Exchange (NYSE) in
New York City, U.S., October 12, 2021. REUTERS/Brendan McDermid
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Moderna Inc rose 3.0% after a U.S. FDA panel voted to recommend booster shots of
its COVID-19 vaccine for Americans aged 65 and older and high-risk people.
Western Digital slipped 2.5% as Goldman Sachs downgraded the storage hardware
maker's stock to "neutral" from "buy".
Shares of cryptocurrency and blockchain-related firms Coinbase Global,
China-based SOS, MicroStrategy Inc, Riot Blockchain, Marathon Digital added
between 2.3% and 3.9% as bitcoin hit $60,000 for the first time since April.
Energy firms including Chevron Corp and Exxon Mobil gained about half a percent
each, tracking Brent crude prices that scaled $85 per barrel. [O/R]
(Reporting by Devik Jain in Bengaluru and Federica Urso in Gdansk; Editing by
Anil D'Silva)
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