Stock futures are on the rise ahead of the open
Stock futures are firmly higher before the bell this morning, with the Dow Jones Industrial Average (DJI) and Nasdaq-100 Index (NDX) up triple digits, while S&P 500 Index (SPX) futures sport solid gains as well. All three major benchmarks are headed for their best weekly performances in a month or longer. Meanwhile, oil prices are on track for a fourth-straight weekly rise amid supply fears.
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5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts and over 1.8 million put contracts exchanged on Thursday. The single-session equity put/call ratio rose to 0.94 and the 21-day moving average remained at 0.61.
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Microsoft Corp (NASDAQ:MSFT) is up 0.7% premarket, after Cantor Fitzgerald initiated coverage with an "overweight" rating and $509 price target. The firm cited artificial intelligence (AI) opportunities. Heading into today,
Microsoft stock is up 9% year over year.
- Qorvo Inc (NASDAQ:QRVO) is up 7.4% before the bell, after news that activist investor Starboard Value has built a 7.7% stake in the semiconductor name. The stock has been struggling to make a significant move off of its Dec. 6 multi-year lows, down 26.3% since last January.
- Fastenal Co (NASDAQ:FAST) is down 5.4% in electronic trading, after the company announced disappointing fourth-quarter earnings and revenue. Year over year, FAST is up 17.9%.
- See what economic data is scheduled for next week.
Plenty of Economic Data Overseas
Stocks in Asia were mixed Friday after a wave of economic data from China. The country’s economy grew 5.4% in the fourth quarter and 5% over the past year, both gross domestic product (GDP) readings exceeding expectations. Meanwhile, retail sales and industrial output rose 3.7% and 6.2% in December, respectively, also beating forecasts. In response, Hong Kong’s Hang Seng gained 0.3%, and China’s Shanghai Composite added 0.2%. Elsewhere, Japan’s Nikkei dipped 0.3%, and South Korea’s Kospi fell 0.2%.
European stocks are higher as the week wraps up, with London’s FTSE 100 up 1.3% and hitting a record intraday high, even after U.K. December retail sales fell 0.3% -- missing economists’ expectations for a 0.4% increase. Meanwhile, British government borrowing costs continue to retreat, as the 10-year gilt yield drops four basis points from multi-year highs earlier this week. Elsewhere, France’s CAC 40 and Germany’s DAX are both up 1% at last check.