Nasdaq, S&P 500 set for higher open on tech boost; Netflix surges
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Netflix projects continued growth through year-end
CVS falls after replacing CEO
American Express, SLB down after results
Futures: Dow down 0.13%, S&P 500 up 0.24%, Nasdaq up 0.55%
Updated at 8:31 a.m. ET/1231 GMT
By Lisa Pauline Mattackal and Purvi Agarwal
Oct 18 (Reuters) - Futures pointed to a higher open for the S&P 500 and the Nasdaq on Friday as technology shares broadly advanced and investors parsed corporate results, while Netflix jumped after beating subscriber growth estimates.
Shares of Netflix NFLX.O gained 6.4% in premarket trading after the streaming giant topped Wall Street estimates for subscriber additions and said it expected continued growth through the end of the year.
Most of the so-called MagnificentSeven stocks, which have driven much of Wall Street's rally this year, were higher in premarket trading, with Apple AAPL.O up 2% after data showed a jump in new iPhone sales in China.
Chip heavyweight Nvidia NVDA.O rose 1.2%, extendinggains from Thursday following strong results from contract chipmaker TSMC 2330.TW, which lifted semiconductor stocks.
Dow E-minis 1YMcv1 were down 55 points, or 0.13%, U.S. S&P 500 E-minis EScv1 were up 14 points, or 0.24%, and Nasdaq 100 E-minis NQcv1 were up 112.5 points, or 0.55%.
Mostly upbeatearnings from financial companies and broadly positive economic data have lifted the Dow and the S&P 500 to fresh record highs this week. The Dow closed at a record high on Thursday, while the S&P 500 is nearing the psychologically important 6,000 mark.
All three major indexes were set to logtheir sixth consecutive week of gains.
"The financials have responded very well to earnings. They were the first real big (sector) to report and they performed rather well. Now the attention is shifting and it's going to be on tech and other big blue-chip companies," said Adam Sarhan, chief executive at 50 Park Investments.
"Until we see stocks really get walloped or fall hard on earnings, the market's earned the bullish benefit of the doubt."
However, stretched valuations - with the S&P 500 trading at nearly 22 times forward earnings - and high expectations for corporate results could leave stocks vulnerable to a pullback, amid indications that investors are exploring less expensive sectors.
The small-cap Russell 2000 .RUT is set to outperform major indexes in the week with a roughly 2% rise. Futures tracking the index RTYcv1 were up 0.3%.
American Express AXP.N lost 2.7% after its quarterly revenue missed estimates.
Procter & Gamble PG.N edged 0.4% lower after it missed first-quarter sales expectations, while oil giant SLB SLB.N dipped 1% after missing third-quarter revenue estimates .
Fed officials Christopher Waller, Neel Kashkari and Raphael Bostic are slated to speak during the day.
Expectations for the U.S. Federal Reserve to ease interest rates by 25 basis points at its Novembermeeting have remained fairly steady throughout the week, currently standing at 90%, according to CME's FedWatch.
In economic data, single-family housing starts increased 2.7% to a seasonally adjusted annual rate of 1.027 million units in September.
Meanwhile, U.S. listings of Chinese companies leapt after China's centralbank launched funding schemes aimed at boosting the equity market. Alibaba BABA.N gained 3%, JD.com JD.O rose 5.3% and PDD Holdings PDD.O jumped 4.1%.
CVS Health CVS.N slumped 9.8% after a report said it had named long-time executive David Joyner its newtop boss.
Netflix returned more to shareholders in 20 years https://reut.rs/3YsYfzS
Reporting by Lisa Mattackal and Purvi Agarwal in Bengaluru; Editing by Pooja Desai
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Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.
