Investing.com -- U.S. stock index futures trading in a mixed fashion Friday, at the end of a week that has seen a broad rotation out of heavyweight technology stocks.
At 06:20 ET (10:20 GMT), Dow Jones Futures fell 55 points, or 0.1%, while S&P 500 Futures climbed 5 points, or 0.1%, and Nasdaq 100 Futures rose 15 points, or 0.1%.
All three major indices fell on Thursday, with the blue-chip Dow Jones Industrial Average dropping more than 500 points, ending a six-day winning run.
Looking at the week as a whole, a market rotation appears to be a major theme, with the tech-dominated NASDAQ Composite down almost 3% and the S&P 500 1.3% lower, while the DJIA was up 1.7%.
Netflix's guidance underwhelms
Sentiment remains fragile following underwhelming earnings from Netflix (NASDAQ:NFLX), while uncertainty over U.S. politics also weighed amid growing calls for President Joe Biden to withdraw his reelection bid.
Netflix stock fell premarket after its third-quarter revenue guidance fell short of expectations, even as the streaming giant reported better-than-expected second-quarter results amid blowout subscriber additions, driven by a strong content slate and an ongoing crackdown on password sharing.
The tech sector will remain in focus next week, with Microsoft (NASDAQ:MSFT), Google-owner Alphabet (NASDAQ:GOOGL) and Tesla (NASDAQ:TSLA)are all set to report on Tuesday.
The two internet giants are set to offer more cues on artificial intelligence after a massive valuation spike over the past year, while Tesla will be watched for how the electric car maker is navigating a steep decline in sales this year.
Elsewhere, tehre are earnings from the likes of American Express (NYSE:AXP), Travelers (NYSE:TRV) and Comerica (NYSE:CMA) due Friday, while CrowdStrike (NASDAQ:CRWD) stock slumped 15% premarket after reports that a software update from the cybersecurity company, known for its antivirus software, has caused a global IT outage.
Political wrangling in focus as calls grow for Biden to exit race
The 2024 presidential race was also a point of focus for Wall Street, amid growing calls from members of the Democratic party for Biden to not seek re-election.
Reports on Thursday said former House of Representatives speaker Nancy Pelosi had told House democrats that Biden could be persuaded to exit the race.
Concerns over Biden’s health, coupled with the increasing popularity of Republican nominee Donald Trump, have sparked doubts over whether Biden will be able to clinch a second term.
Crude set for weekly loss
Crude prices fell Friday, heading for a weekly loss as a strong dollar and concerns about Chinese economic weakness weighed on investor sentiment.
By 04:15 ET, the U.S. crude futures (WTI) dropped 0.3% to $81.03 a barrel, while the Brent contract fell 0.2% to $84.92 a barrel.
Both benchmarks are set for minor losses this week, their second consecutive losing week, after the dollar strengthened for the second consecutive session, hitting demand for dollar-denominated oil from investors holding other currencies.
Concerns over sluggish demand in China, the world’s biggest oil importer, remained front and center, following softer-than-expected growth figures for the second quarter.
The readings came after data last week showed a decline in China’s oil imports in June.
Limiting the week’s losses this week has been the U.S. government reporting a bigger-than-expected weekly decline in oil stockpiles, suggesting consistent demand during the summer driving season.
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