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Stocks are expected to open higher on Friday as bond rates recover from Thursday’s drop.
S&P 500 Index
Futures are up 0.4 percent, while the stock market is down 0.4 percent.
The Dow Jones Industrial Average is a stock market index that measures how well
Futures are up 244 points, or 0.7 percent, for the day.
The Nasdaq Composite Index
The price of futures has dropped by 0.1 percent.
It’s a peaceful Friday morning. There are no earnings. There is no economic data. Just an opportunity for investors to process the Treasury-driven volatility from Thursday. The yield on the 10-year note dipped to near 1.25 percent, but has subsequently risen abruptly to 1.346 percent, up 0.058 percentage point. This has aided the rise of cyclical equities, which do better when yields rise—especially if the rise is based on economic optimism. “As investors digest a turbulent week amid economic uncertainty and increased COVID-19 fears, U.S. market futures are rebounding alongside European shares this morning, while bond yields are climbing from multi-month lows,” writes Tom Essaye of The Sevens Report.
However, rumours that President Joe Biden may sign an executive order targeting big tech corporations are causing the Nasdaq to open slightly lower. Stocks are taking a beating, but they aren’t soaring either.
Microsoft
(MSFT) has lost 0.2 percent of its value, while
has decreased by 0.1 percent. More stocks to watch in early Friday trading:
GM is a company that makes automobiles (GM)
has risen 3% since Wedbush upgraded the stock to Outperform, noting the company’s electric car “renaissance.”
Carnival is an annual event that takes place in (CCL)
As a result of the coronavirus-related drop on Thursday, the stock has increased 2.8 percent.
Wholesale Costco
(COST) is up 1% after reporting $18.92 billion in revenues for June.
Discover Services in the Financial Sector
(DFS) has gained 1.6 percent after Citi upgraded it to Buy from Neutral.
Deutsche Bank is a financial institution based in Germany
(DB) has gained 2.9 percent after RBC Capital upgraded it to Sector Perform from Underperform. Ben Levisohn can be reached at ben.levisohn@barrons.com./n
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