Stock futures are pointing upwards on Friday as traders assess earnings reports from Meta Platforms, Inc. (NASDAQ:META), Amazon, Inc. (NASDAQ:AMZN), and Apple, Inc. (NASDAQ:AAPL). Earnings remain mixed, raising concerns about both the economy and corporate profit growth. The non-farm payrolls report for January, anticipated before the market opens, is expected to heavily influence the day’s trading direction. A stronger-than-expected job gains report and/or any spike in wage growth could potentially reignite inflation fears, triggering selling pressure in the market.
Cues From Thursday’s Trading:
Optimism preceding tech earnings and some favorable economic data contributed to gains across major averages on Thursday. The indices opened higher and remained range-bound in a sideways move until late-morning trading, with the Dow Industrials briefly dipping below the unchanged line. Subsequently, stocks initiated a rally and concluded near the session highs.
The majority of sectors displayed solid advancements during the session, illustrating the breadth of the rally, although energy stocks experienced some pullback.
US Index Performance On Thursday
| Index | Performance (+/-) | Value |
| Nasdaq Composite | +1.30% | 15,361.64 |
| S&P 500 Index | +1.25% | 4,906.19 |
| Dow Industrials | +0.97% | 38,519.84 |
| Russell 2000 | +1.39% | 1,974.42 |
Analyst Color:
Fund manager Louis Navellier pointed out two factors that reinforce confidence regarding yet another good year for the market. “The major indexes, with the notable exception of the Russell, had a solid January, which is statistically important as over 67% of the time since 1938 the next 11 months were also positive, as occurred last year,” Navellier said.
“We also have the incumbent President running for reelection wind at our back as well, making it likely that we’ll look back on yesterday as a buying opportunity.”
Futures Today:
Futures Performance On Friday
| Futures | Performance (+/-) |
| Nasdaq 100 | +1.00% |
| S&P 500 | +0.61% |
| Dow | +0.06% |
| R2K | -0.08% |
In premarket trading on Friday, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.61% to $492.17 and the Invesco QQQ ETF (NASDAQ:QQQ) rallied 1.07% to $426.38, according to Benzinga Pro data.
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