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Netflix ( NFLX ) gains, beats subscriber growth estimates

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CVS falls after replacing CEO

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American Express ( AXP ) up after profit beat

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Futures up: Dow 0.09%, S&P 500 0.17%, Nasdaq 0.38%

(Updated at 07:00 a.m. ET/ 1100 GMT)

By Lisa Pauline Mattackal and Purvi Agarwal

Oct 18 (Reuters) -

Wall Street futures inched higher on Friday, led by gains in

those tracking the Nasdaq 100 as technology shares broadly

advanced, while Netflix ( NFLX ) soared following strong quarterly

results.

Shares of Netflix ( NFLX ) gained 6.5% in premarket trading

after the streaming giant topped Wall Street estimates for

subscriber additions and said it expected continued growth

through the end of the year.

Most of the so-called Magnificent Seven stocks, which have

driven much of Wall Street's rally this year, were higher in

premarket trading, with Apple ( AAPL ) up 1.5% after data showed

a jump in new iPhone sales in China.

Chip heavyweight Nvidia ( NVDA ) was up 0.9%, extending

gains from Thursday following strong results from contract

chipmaker TSMC, which lifted semiconductor stocks.

However, Tesla lost 0.5% after the U.S. auto safety

regulator said it has opened a probe into the EV-maker's

self-driving software after reports of four collisions,

including one fatal crash.

Dow E-minis were up 37 points, or 0.09%, S&P

500 E-minis were up 10 points, or 0.17%, and Nasdaq 100

E-minis were up 76.5 points, or 0.38%.

Upbeat earnings from financial companies and broadly

positive economic data have lifted the Dow and the S&P 500 to

fresh record highs this week. The Dow closed at a record high on

Thursday, while the S&P 500 is nearing the psychologically

important 6,000 mark.

All three major indexes were set to log their sixth

consecutive week of gains, although the Russell 2000 is

set to outperform with a roughly 2% rise. Futures tracking the

small-cap index were up 0.4%.

At the same time, Treasury yields inched higher, with the

benchmark 10-year note yield back above 4.1%, which

could further pressure equities.

Stretched valuations - the S&P 500 is trading at nearly 22

times forward earnings - and high expectations for corporate

results could also leave stocks vulnerable to a pullback amid

indications that investors are exploring less expensive market

sectors.

"We anticipate further broadening of equity-market

performance now that rate cutting is underway, but larger

companies are both fully valued and less sensitive to rate

changes, which leads us to continue to favor higher quality

small and medium-sized companies," Neuberger Berman portfolio

managers said.

Procter & Gamble ( PG ) was little changed after missing

first-quarter sales expectations, while oil giant SLB

added 1% after beating

quarterly profit

estimates.

American Express ( AXP ) climbed 2.4% after its

quarterly

profit

beat estimates.

September housing starts are on the data docket, while Fed

officials Christopher Waller, Neel Kashkari and Raphael Bostic

are slated to speak during the day.

Expectations for the U.S. Federal Reserve to ease interest

rates by 25 basis points at its November meeting have remained

fairly steady throughout the week, currently standing at 92.1%,

according to CME's FedWatch.

Meanwhile, U.S. listings of Chinese companies leapt after

the domestic central bank launched funding schemes aimed at

boosting the equity market. Alibaba gained 2.9%, JD.com

rose 5.5% and PDD Holdings ( PDD ) jumped 4.7%.

CVS Health ( CVS ) slipped 11.3% after a report said it had

named long-time executive David Joyner its new top boss.