LYV - Stocks Wind up First Week of Newest Earnings Season
Futures contracts tied to the U.S. stock indexes rose slightly on Friday as Wall Street neared the end of the first major week of second-quarter earnings reports.
Futures for the Dow Jones Industrials gained 44 points, or 0.1%, to 34,908.
Futures for the S&P 500 tacked on seven points, or 0.2%, to 4,359.25.
Futures for the NASDAQ Composite Index climbed 29.25 points, or 0.2%, to 14,816.75.
Cyclical stocks tied to the economic recovery led the gains in early morning trading. A stabilization in bond yields aided this move with the 10-year Treasury yield climbing back up above 1.30%. Bank of America led gains in bank stocks in premarket trading. Boeing shares edged higher. Airlines, casinos, and energy stocks inched into the green.
Live Nation's stock rose roughly 2% in the premarket after Goldman said the stock can rally nearly 40% as concerts return.
Shares of Carnival, Royal Caribbean and Norwegian each increased about 1% in early morning trading after Canada announced it would allow cruise ships to resume operations in its waters starting Nov. 1, sooner than planned. Previously, the Canadian government extended its cruise ban until the end of February 2022.
Investors anticipate the release of June retail sales data set at 8:30 a.m. ET on Friday. Economists are expecting overall retail and food service sales to decline 0.4% from the month prior, according to Dow Jones.
Overseas, in Japan, the Nikkei 225 declined 1% Friday, while in Hong Kong, the Hang Seng index gained just more than eight points.
Oil prices headed higher 22 cents to $71.87 U.S. a barrel.
Gold prices removed $10.10 to $1,818.90 U.S. a pound.