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U.S. equity futures moved higher in early Friday trading, powered in part by Apple’s better-than-expected quarterly earnings, as traders looked to a key April jobs report prior to the opening bell.
Apple’s (AAPL) share move, which boosted global tech stocks, looks set to lead both the S&P 500 and the Nasdaq following a solid set of March quarter earnings that included a smaller-than-expected slide in overall revenue and the unveiling of a $110 billion stock buyback, the largest on record.
The tech giant’s modestly upbeat forecast, meanwhile, surprised analysts and could help the stock claw back most of its year-to-date decline over the Friday session.
Apple shares were last marked 6.1% higher in premarket trading to indicate an opening bell price of $183.50 each.
Dow component Amgen (AMGN) shares were also on the move, rising nearly 15% after the biotech reported stronger-than-expected first-quarter earnings and said it was moving its anti-obesity drug into late-stage trials.
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Investors are also braced for what could be a market-moving jobs report, slated for release at 8:30 am Eastern time, that follows a mixed set of labor-market data earlier in the week and a warning from the Federal Reserve that inflation pressures could keep interest rates elevated well into the autumn months.
Analysts expect the economy added around 243,000 new jobs last month, with the headline unemployment rate holding at 3.8% and extending a run of 26 consecutive months below 4%.
No one will be watching Friday’s nonfarm-payrolls data more closely than Federal Reserve Chairman Jerome Powell.
Win McNamee/Getty Images
Benchmark 10-year-note yields eased to 4.567% in the overnight session, while 2-year notes were marked at 4.883% in moves that likely reflect the chances of a weaker-than-expected reading that could revive bets on an autumn Fed rate cut.
The U.S. dollar index, which tracks the greenback against a basket of six global currency peers, was marked 0.12% lower at 105.169.
On Wall Street, futures contracts tied the S&P 500, which ended 0.91% higher on Thursday, are priced for a 20 point opening bell gain.
The Dow Jones Industrial Average, meanwhile, is called 310 points higher, thanks in part to Apple’s premarket surge and the surge in Amgen, while the tech-focused Nasdaq is set for a 122 point advance.
In overseas markets, Europe’s Stoxx 600 rose 0.42% in Frankfurt, while Britain’s FTSE 100 gained 0.5% in London after hitting an all-time high of 8,215.29 points earlier in the session.
More Wall Street Analysts:
Analyst unveils new Nike price target ahead of big summer for sportsAnalysts weigh in on Google-parent Alphabet’s stock after cloud eventAnalysts revamp Disney stock price target after proxy fight
Overnight in Asia, the regionwide MSCI ex-Japan benchmark rose 0.4%, with stocks in China closed for Labor Day celebrations. Japan’s Nikkei 225 was closed for its annual Constitution Day holiday.
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