(MENAFN- Baystreet) Markets Collapse on Inflation, Growth Worries
Dow Plummets on Inflation Concerns
Economic Growth Slows, Stocks Wither
Stock Futures Fall
S&P Little Changed as Bond Situation Dampen Earnings Enthusiasm Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Friday, April 26, 2024
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S&P 500 futures rose Friday as Big Tech names Alphabet and Microsoft saw shares rally on strong earnings.
Futures for the Dow Jones Industrials grabbed 38 points, or 0.1%, to 38,326.
Futures for the broader index raised themselves 35.75 points, or 0.7%, to 5,118.50.
Futures for the NASDAQ Composite popped 170.5 points, or 1%, to 17,738.75.
Major averages stateside are on track for a winning week. The S&P 500 is up 1.6% week to date, on pace to break a three-week losing streak.
The NASDAQ has gained more than 2%, headed for its first positive week in five. The Dow is up by a more modest 0.3% this week.
Shares of Alphabet jumped nearly 12% in extended trading following better-than-expected first-quarter earnings The company also authorized its first-ever dividend, as well as a $70-billion buyback.
Microsoft saw shares climb 4% after the software maker posted fiscal third-quarter results that surpassed Wall Street's expectations.
So far, about 38% of the S&P 500 companies have reported quarterly results, and nearly 80% of those beat earnings expectations.
Investors are waiting for more earnings from big energy firms Chevron and Exxon Mobil Friday before the bell.
On the economic data front, March's PCE reading will also be out on Friday morning. The report is expected to show inflation running at 2.6% on a 12-month basis, or 2.7% when excluding food and energy.
In Japan, the Nikkei 225 gained 0.8% Friday, while in Hong Kong, the Hang Seng sprang 2.1%.
Oil prices took on 56 cents to $84.13 U.S. a barrel.
Gold prices stormed higher $17.50 to $2,360 U.S. an ounce.
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