Traders work on the floor of the New York Stock Exchange on October 22, 2024.
Spencer Pratt | Getty Images
S&P 500 futures were dull Friday morning after the composite index ended its three-day negative streak.
Futures tracking the broader index, like Nasdaq 100 futures, rose less than 0.1%. Dow Jones Industrial Average futures rose just 4 points.
L3Harris shares rose more than 4% in after-hours trading after the defense company reported third-quarter earnings that beat Wall Street expectations. Dexcom fell more than 3% despite both stocks beating expectations.
The move follows days of turmoil on Wall Street. The Nasdaq Composite Index joined the S&P 500 Index in gaining gains after Tesla’s earnings, and both ended in the green. The electric car maker’s stock posted its best day in more than a decade as investors cheered the company’s better-than-expected profits and Chief Executive Elon Musk’s expectations for auto growth next year.
Lower U.S. Treasury yields also provided upside momentum for the S&P 500 and Nasdaq, said Megan Hornman, chief investment officer at Verdence. The 10-year U.S. Treasury yield fell markedly from a three-month high after breaking through the 4.25% milestone during Wednesday trading.
“This has everything to do with the lower interest rates that we saw today,” Hornman said. “These two indexes don’t like rising yields.”
The Dow Jones Industrial Average lagged on Thursday, dropping more than 140 points due to declines in IBM and Boeing.
The major indexes are expected to end the week lower, ending their six-week winning streaks. The Dow Jones Industrial Average was in the worst position, falling more than 2% as of Thursday’s close, while the S&P 500 and Nasdaq were down 0.9% and 0.4%, respectively.
Investors will be watching Friday’s earnings reports from companies like Colgate-Palmolive, AutoNation and Newell Brands as the season progresses. The release of economic indicators related to durable goods and consumer sentiment is also expected to follow.
