Traders work on the floor of the New York Stock Exchange on Oct. 22, 2024.
Spencer Platt | Getty Images
Stock futures rose Friday after the S&P 500 ended a three-day negative streak, while investors look to end a volatile week on a high note.
Futures tied to the S&P 500 gained 0.2%, as did Nasdaq 100 futures. Dow Jones Industrial Average futures gained 75 points, or 0.2%.
L3Harris shares climbed more than 5% after the defense company exceeded Wall Street’s forecasts when reporting third-quarter earnings. Dexcom tumbled more than 6% despite beating expectations on both lines.
Those moves follow a mixed day on Wall Street. The Nasdaq Composite joined the S&P 500 in finishing the session higher, with both lifted by Tesla’s post-earnings rally. Shares of the electric vehicle manufacturer notched their best day in more than a decade as investors cheered the firm’s stronger-than-expected profit and CEO Elon Musk’s expectations for vehicle growth next year.
A slide in Treasury yields also gave the S&P 500 and Nasdaq upward momentum, according to Megan Horneman, chief investment officer at Verdence. The 10-year Treasury yield notably cooled off from its three-month highs after breaking above the 4.25% mark during Wednesday’s session.
“This has everything to do with the decline we saw on interest rates today,” Horneman said. “Those two indices don’t like higher yields.”
The Dow lagged on Thursday, sliding just over 140 points due to declines in IBM and Boeing.
The major indexes are tracking to finish the week with losses, which would snap six-week win streaks for all three. The Dow has fared the worst with a drop of more than 2% as of Thursday’s close, while the S&P 500 and Nasdaq have shed 0.9% and 0.4%, respectively.
Investors will monitor earnings reports due Friday from names including Colgate-Palmolive, AutoNation and Newell Brands as the season rolls on. They will also follow economic data releases on durable goods and consumer sentiment.
