By Victor Reklaitis, MarketWatch
Google shares jump premarket after earnings report
U.S. stocks looked on pace to end their upbeat week with muted
action on Friday, with technology stocks set to take the lead as
shares of Google Inc. rose in premarket trading on the heels of
blockbuster results.
The stock market has rallied this week as fears about Greece's
debt crisis have receded, and as Federal Reserve Chairwoman Janet
Yellen and other central bankers have worked to reassure
investors.
S&P 500 futures were last down 1.40 point to 2,115.50, while
those for the Dow Jones Industrial Average dipped by 26 points to
17,994.
Nasdaq-100 futures bucked the negative trend, rising 10.50
points, or 0.2%, to 4,608.25.
For the week, the S&P 500 is on track for a 2.3% gain as of
Thursday's close, meaning the benchmark would snap a three-week
losing streak. The Dow is eyeing a 2% advance and second-straight
up week, while the Nasdaq is up 3.3%.
On Thursday, U.S. stocks climbed
(http://www.marketwatch.com/story/wall-street-set-for-higher-open-after-greek-vote-2015-07-16)
as the Nasdaq closed at a record high and Netflix Inc.(NFLX) shares
soared 18%.
What strategists are saying: As second-quarter earnings continue
to come out, traders should be "riding the trend here as the bulls
will continue to pay up for these earnings," said Chris Weston,
chief market strategist at IG, in a note on Friday.
Weston added: "It seems only a matter of time before the S&P
500 joins the NASDAQ in making a new all-time high in my
opinion."
Other strategists are sounding worried, especially by the
aggressive buying of tech stocks. "The trading action in the US
Equity market in the past 24 hours is the type that prompts
flashbacks to the equity bubble blow off in early 2000," said Mike
O'Rourke, JonesTrading's chief market strategist, in a note.
Friday's economic news: Investors on Friday will take in a fresh
reading for a consumer price index at 8:30 a.m. Eastern, with
economists polled by MarketWatch predicting a 0.3% rise for June. A
report on June housing starts is expected at that same time, and
forecasts are for 1.11 million starts and 1.18 million permits.
Check out:
At 10 a.m. Eastern, a consumer sentiment figure is forecast to
come in at 95.0. Also at that time, Fed Vice Chairman Stanley
Fischer is slated to speak at the U.S. Chamber of Commerce.
Individual movers & shakers: Shares in Google Inc.(GOOGL)
(GOOGL) were rising in thin premarket action after the tech giant's
adjusted quarterly profit beat Wall Street's forecasts late
Thursday.
General Electric Co.(GE) and Honeywell International Inc.(HON)
also are poised to grab the spotlight, with their earnings reports
due before the opening bell.
Other markets:Chinese shares
(http://www.marketwatch.com/story/china-shares-edge-higher-2015-07-17)
capped the week with a two-day rally, as the scramble by officials
in that country to support stocks seems to have taken hold.
European stocks showed little change but were still headed for
their best weekly finish since January and the announcement of the
European Central Bank's quantitative easing program.
Brent crude gained 0.3%, while the U.S. oil benchmark was
roughly flat.
Read more in Friday's Movers & Shakers column
(http://www.marketwatch.com/story/general-electric-honeywell-google-in-spotlight-2015-07-16)
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