Stock futures traded in a tightly mixed formation Friday, ahead of the September payrolls due out before the open.
XAutoplay: On | OffFutures for the Dow Jones industrial average, the Nasdaq 100 and the Russell 2000 were were narrowly higher. S&P 500 futures traded a fraction below fair value.
On a daily chart, the Nasdaq and S&P 500 are each going for their ninth advance, the Dow is looking to add day number eight to its current rally. On a weekly basis, the Dow and S&P 500 are each set to post a fourth weekly advance — the Dow’s best run since June and the S&P’s longest advance since February/March.
The market has had an eye out all week for the September payrolls report from the Labor Department, due out at 8:30 a.m. ET. Economic news is otherwise sparse for the day, with August wholesale inventories data due out from the Commerce Department at 10 a.m. ET, and Baker Hughes (BHGE) releasing its weekly rig count report at 1 p.m.
Fed officials will be out in force, the speeches beginning with Atlanta Federal Reserve Bank President at 9:15 a.m.ET, followed by New York Fed President William Dudlent at 12:15 p.m., Robert Kaplan of the Dallas Fed at 12:45 and St. Louis Fed President James Bullard at 1:50 p.m. ET.
Dow stocks were generally quiet, with gains holding to less than 0.5%, and with Wal-Mart (WMT) notching the widest early loss, down 0.5%. The retail giant has been fighting to retake and hold its 10-week line of support, after a failed breakout attempt in August.
Costco Wholesale (COST) traded down 3% ahead of the open, after reporting generally better-than-expected results in its fiscal fourth quarter, but its net sales figure (minus membership fees) stopped short of analysts’ targets. Costco shares had just retaken support at their 10-week moving average, as the stock attempts to climb the right side of a four-month consolidation.
Chipmaker Analog Devices (ADI) edged up 0.9%, looking to add a fourth straight weekly advance. The stock ended Thursday’s session in a buy range above an 85.81 buy point in a cup with handle base, but the handle showed signs of wedging, which could add risk to the breakout.
Netflix (NFLX) continued its string or early leads among the FANG stocks group, up 0.3% a day after announcing it would increase the prices of two of its three streaming subscription services. The stock ended Thursday in a buy range, 2% above a 190.05 buy point in a cup-with-handle base.
Yum China Holdings (YUMC) rose nearly 3%$ in premarket action. The KFC and Taco Bell franchise spin off reported mixed fiscal third quarter results late Thursday, but strong same-store sales performance, a $ 250 million increase to its share buyback plan and news of a changeover in cheif executives cheered investors. The stock ended Thursday’s session about 6% below a 42.22 buy point in a four-month cup base.
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