Stock futures sketched out slender gains early Friday as a heavy slate of earnings reports failed to stir any serious premarket momentum.
Nasdaq 100 futures led the premarket action, rising 0.2% above fair value. The Dow Jones industrial average saw its futures tick up 0.1% above fair value, while S&P 500 futures were positive, but effectively flat. Small caps lagged, with Russell 2000 futures trading in negative territory.
The Nasdaq holds an easy lead for the week among the big benchmarks, trading up 1.9% through Thursday, boosted by Alphabet’s (GOOGL) 2.4% gain and Amazon.com’s (AMZN) 2% advance during that time. It also has been a good week overall for small caps. The Russell 2000 finished Thursday up 2.9% for the week, enough to narrowly retake support at the index’s 50-day moving average.
Amazon was up 0.3% while Alphabet traded flat in Friday’s premarket session.
An early rally on Thursday sent the Dow industrials into Friday’s session toting a 0.6% gain for the week, although the index fell off late Thursday afternoon and continues to trade below its 50-day moving average.
The S&P 500 ended Thursday ahead 1.2% for the week and in a serious test of resistance at its 50-day line.
Early Movers: Visa, Skechers, Citizen’s Financial, Mattel
A quiet premarket session left a number of big names, including Rockwell Collins (COL) and Robert Half International (RHI), trading effectively flat after their earnings reports. Schlumberger (SLB) sagged a fraction after reporting results, while Steve Madden (SHOO) dropped almost 2%.
Visa reported stronger-than-expected second-quarter results late Thursday and steered full-year revenue guidance toward the high end of its previously stated range. The stock notched a 1.6% gain in strong trade Thursday. Friday’s premarket action implied an open the stock’s prior high from March 20. Premarket moves do not always carry through to regular trade.
GE delivered larger-than-expected second-quarter earnings and a smaller-than-forecast revenue decline. The stock has been consolidating, trading below resistance at its 40-week moving average since January.
IBD 50 stock Citizen’s Financial Group (CFG) swung up 2% in early action. A 49% earnings gain and a 14% rise in revenue reported late Thursday topped analyst targets. Shares are working to climb off the bottom of a seven-week consolidation.
Online security services provider Proofpoint (PFPT) bolted 11% higher, although its 233% surge in first-quarter earnings reported after Thursday’s close fell short of analysts expectations. A 43% revenue cleared targets, and full-year earnings and revenue guidance were all above consensus views.
Skechers (SKX) skipped up 2% as brokerage B. Riley upgraded the stock to buy, from neutral, after a first-quarter beat late Thursday. Management guided second-quarter earnings below consensus views. The stock has been in a recovering uptrend since October, and pulled back to test support at its 40-week line for the past three weeks.
S&P 500 stock Honeywell (HON) added 3% as a 10% rise in earnings and flat revenue were better than projected by analysts. The aerospace and control components manufacturer is in the fifth week of a flat consolidation, and in its third week hung up below its 10-week moving average.
Stanley Black & Decker (SWK) ratcheted up 3%, after a 1% earnings increase and a 5% gain in revenue topped projections. The tool maker is in a buy range, rebounding from support at its 10-week moving average.
Mattel (MAT) tumbled 7% lower after its first-quarter report delivered late Thursday continued an almost endless series of quarterly losses. Shares ended Thursday down 8% year-to-date, and deep in a multi-year correction.
Oil Set For Weekly Loss; New Home Sales Coming Up
Oil prices dipped, with West Texas Intermediate trading below $51 a barrel and down almost 5% for the week after a three-week run up. Baker-Hughes’ (BHI) weekly drilling rig report is expected at 1 p.m. ET.
Neel Kashkari, president of the Minneapolis Federal Reserve Bank, speaks at 9:30 a.m.ET. Researcher Markit releases its preliminary composite purchasing managers index for April at 9:45 a.m. ET. The National Association of Realtors reports March new home sales numbers at 10 a.m. ET.