U.S. stocks look set to round up their week on an upbeat note on Friday, with technology stocks set to take the lead as shares of Google Inc. climbed in premarket trading on the back of blockbuster results.
This week the stock market saw a rally as fears about Greece’s debt crisis have receded, and as Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi reassured investors the Greek and Chinese turmoils will not have long-term economic consequences.
S&P 500 futures were last down 1.40 point to 2,115.50, while those for the Dow Jones Industrial Average declined by 26 points to 17,994.
Nasdaq-100 futures broke 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 higher 3.3%.
On Thursday, U.S. stocks were higher as the Nasdaq closed at a record high and Netflix Inc. shares soared 18%.
Google jumped 12 percent to $674.55, poised to open at a record high, a day after its profit beat forecasts for the first time in six quarters and the company said it would be more disciplined on spending.
In the currency market, the greenback was on track for its biggest weekly gain in two months on Friday as investors refocused on the chance of the Fed interest rate hike, which is expected to happen between September and December. However, a strong greenback reduces the vale of U.S. companies' overseas income.
EUR/USD was last at 1.0886, higher 0.10%.
GBP/USD last traded at 1.5577, lower 0.21%.
Economic data due Friday is expected to show the Consumer Price Index rose at a slower rate in June than it did in May. Building permits is likely to have declined in June, while groundbreaking is likely to have increased for the month, says Reuters. The data is are expected at 8:30 a.m. ET
The University of Michigan's preliminary July reading on the overall index on consumer sentiment is expected to stay unchanged at 96.1. The data is due at 10 a.m. ET.
