Traders work on the floor of the New York Stock Exchange at the opening bell on November 13, 2024, in New York City.
Angela Weiss | AFP | Getty Images
Stock futures fell Friday, but the major U.S. averages remained on pace to post weekly gains.
Futures tied to the Dow Jones Industrial Average were down 19 points, or 0.1%. S&P 500 futures shed 0.1%, and Nasdaq-100 futures lost 0.2%.
Nvidia, the buzzy artificial intelligence stock that reported earnings on Wednesday, fell slightly in the premarket. Meta Platforms and Alphabet were also lower.
The moves in futures come after a positive day on Wall Street. The Dow rose more than 400 points, while the S&P 500 added 0.5%. On the other hand, the Nasdaq Composite ticked only marginally higher.
All three major averages are on track for a positive week, led by the Nasdaq Composite’s gain of 1.56%. That’s a change from last week, when Wall Street’s postelection rally appeared to stall.
“I think markets are finally finding their footing for two reasons: One is recovery from that postelection hangover after the first week, and [two is] reaction to Nvidia’s earnings,” Nuveen CIO Saira Malik said on “Closing Bell.”
Earnings reports were driving market action in extended trading. Shares of Gap jumped 15% after the company beat earnings estimates and hiked its full-year sales guidance. However, Intuit slid more than 5% even after its quarterly report beat expectations on the top and bottom lines.
On Friday, investors will get a look at preliminary purchasing managers index reports for November, as well as an updated consumer sentiment reading.
Investors will also keep an eye on bitcoin, which is trading just under the long-awaited milestone of $100,000.
