Stock futures point to more records to end the week

Import & export prices and consumer sentiment are on today's economic calendar

U.S. equity futures are trading higher Friday morning.

The major futures indexes suggest a gain of 0.1% when the opening bell rings on Wall Street.

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The week will end with one more inflation-related report in the form of import and export prices for July.

Prices of imported goods likely rose 0.6%, below June’s 1.0% gain. Export prices are expected to rise 0.8% in July, also below the prior month’s 1.2% advance.

PRODUCER PRICES SOAR 7.8% ANNUALLY IN JULY, MOST ON RECORD

The University of Michigan will release its preliminary index of consumer sentiment for August. The Refinitiv estimate is 81.2, unchanged from July’s final reading.

In Europe, London's FTSE added 0.4%, Germany's DAX gained 0.5% and France's CAC rose 0.3%.

In Asia, Tokyo's Nikkei 225 gained 0.1%, the Hang Seng in Hong Kong dropped 0.6% and China's Shanghai Composite Index shed 0.2%.

On Thursday, traders worked through a mixed picture of economic data. The Labor Department said that jobless claims fell to 375,000 from 387,000 the previous week, another sign that the job market is healing from the pandemic.

At the same time, inflation at the wholesale level jumped a higher-than-expected 1% in July, matching the rise from the previous month,

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34647.5 +625.46 +1.84%
SP500 S&P 500 4579.71 +66.67 +1.48%
I:COMP NASDAQ COMPOSITE INDEX 15376.499373 +122.45 +0.80%

The S&P 500 rose 0.3% to 4,460.83, in its third straight all-time high. Several big technology stocks, including Apple, rose and countered weakness in chipmakers, industrial firms and energy companies.

The Dow Jones Industrial Average added less than 0.1% to 35,499.85. The blue-chip index also set its third record high in three days. The tech-heavy Nasdaq edged up 0.3% to 14,816.26.

The Walt Disney company reported better-than-expected quarterly results, sending shares up 5% in premarket trading.

DISNEY SHARES JUMP AS STREAMING SUBSCRIBERS REACH NEARLY 174M

The entertainment giant surpassed Wall Street expectations, posting a quarterly profit of $923 million, or 50 cents per share, compared to a loss of $4.7 billion, or $2.61 per share, a year ago. 

Adjusted for one-time items, the company earned 80 cents per share, compared to 8 cents a year ago, topping Wall Street's estimate of 55 cents. The company's overall revenue for the third quarter came in at $17.02 billion, compared to $11.78 billion a year ago, beating Wall Street's forecast of $16.76 billion. Total streaming subscribers grew to nearly 174 million.

Food-delivery firm DoorDash Inc's (DASH.N) loss widened more than expected in the second quarter as the U.S. upstart spent heavily to expand internationally and into a crowded market for grocery during the pandemic. Shares of the company are trading more than 4% lower in the premarket.

Airbnb shares are trading more than 3% lower in the premarket after the company warned that new variants of COVID-19 will make future bookings and cancellations harder to predict. The company did however narrow its second-quarter loss to $68 million and gave a bullish forecast for revenue.

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In energy markets, benchmark U.S. crude lost 20 cents to $68.91 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the price standard for international oils, gave up 9 cents to $71.22 per barrel in London.

The Associated Press contributed to this report.