U.S. stock futures on Friday pointed higher after a tech-led stumble, as investors prepare for a major reshuffling of a key index.
-
Dow Jones Industrial Average futures
YM00,
+0.11%
rose 38 points, or 0.1%, to 35439. -
S&P 500 futures
ES00,
+0.24%
gained 10 points, or 0.2%, to 4576. -
Nasdaq 100 futures
NQ00,
+0.41%
increased 67 points, or 0.4%, to 15659.
On Thursday, the Dow Jones Industrial Average
DJIA,
rose 164 points, or 0.47%, to 35225, while the S&P 500
SPX,
declined 31 points, or 0.68%, to 4535, and the Nasdaq Composite
COMP,
dropped 295 points, or 2.05%, to 14063.
What’s driving markets
Markets struggled after a poor reception to results from companies including Netflix
NFLX,
Taiwan Semiconductor Manufacturing
TSM,
Tesla
TSLA,
and IBM
IBM,
“The current market is priced for perfection. When a company comes out, beats, and guides higher, it still can go down if there are any concerns or worries,” said Louis Navellier, the chairman and founder of Navellier & Associates, pointing to Tesla’s results in particular.
There’s also the specter of the special Nasdaq 100 rebalancing, which will take place Friday after the close and be effective for Monday’s open, as well as the expiration of some $2.3 trillion of U.S.-listed options.
“There also seems to be a little anxiety on some of the top tech stocks as they are going to get a haircut on Monday on the Nasdaq realignment,” added Navellier. Nvidia
NVDA,
and Microsoft
MSFT,
are most affected by the Nasdaq rebalancing.
There’s no economic data set for release on Friday. Earnings are due from companies including American Express
AXP,
and Schlumberger
SLB,
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