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U.S. stock futures were rising early Friday with tech set to take a leg higher after Netflix’s third-quarter earnings beat analysts’ expectations.
Dow Jones Industrial Average futures were up 26 points, or 0.1%. Contracts tied to the tech-heavy Nasdaq 100 rose 0.4%, while S&P 500 futures were up 0.2%.
On Thursday, the Dow added 337 points to mark its 38th record close of the year after monthly retail sales data signaled to investors that consumer spending is still strong.
Netflix’s results, which were reported after Thursday’s close, looked like one factor that might swing markets in the week’s final session. The streaming service posted better-than-expected profit, sales, and paid subscriber numbers for the three months ended Sept. 30, and issued solid guidance for the current quarter. Its shares climbed 5.1% in after-hours trading.
“These are strong numbers for Netflix and solidify its position as the King of the streamers,” Kathleen Brooks, research director at the online broker XTB, said. “It’s not just Netflix’s financials that are hard to beat. From a content perspective, Netflix’s latest report suggests that viewers are still hooked.”
Oil prices steadied after top crude importer China pledged to roll out more stimulus to support its economy and traders reacted to Israel killing Hamas leader Yahya Sinwar. The Brent international benchmark climbed 0.2% to $74.62 a barrel, while West Texas Intermediate U.S. prices were up 0.3% to $70.85 a barrel.
Bond yields had ticked higher over the past 24 hours after the strong retail sales data for October caused traders to trim their bets on how aggressively the Federal Reserve will cut interest rates, with a so-called soft-landing scenario clearly still in play. The yield on 10-year U.S. Treasury notes rose to 4.118%, while the yield on the 2-year note climbed to 3.986%.
