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Futures up: Dow 0.15%, S&P 500 0.14%, Nasdaq 0.14%
July 18 (Reuters) - U.S. stock index futures inched
higher on Friday, buoyed by signs of a resilient U.S. economy,
even as Netflix's ( NFLX ) market-beating quarterly profit failed to
dazzle investors.
At 5:30 a.m. ET, S&P 500 E-minis were up 8.75
points, or 0.14%, Nasdaq 100 E-minis were up 33 points,
or 0.14%, and Dow E-minis were up 66 points, or 0.15%.
Wall Street's winning streak continued overnight, with the
S&P 500 and the Nasdaq notching fresh record
closes after upbeat data on retail sales and jobless claims
signaled a healthy U.S. economy. The data gives the Federal
Reserve some breathing room to assess the inflationary effects
of U.S. tariffs.
Netflix ( NFLX ) rode the success of "Squid Game" to top
earnings estimates and boost its revenue outlook for the year.
Yet, the streaming giant's shares slipped 1.5% in premarket
trading. It has risen 43% this year.
All eyes remain on whether President Donald Trump's tariff
measures are starting to ripple through the economy. The Fed has
signaled it will stay the course on interest rates until it sees
clearer signs of how higher import taxes are shaping inflation.
Traders now put the odds of a rate cut in September at about
56.3%, with a July move nearly off the table, according to CME's
FedWatch tool.
"This week's data supports the wait-and-see camp on the Fed.
Tariffs are percolating to consumer prices but is not
withholding households from opening their wallets," said Kenneth
Broux, head of corporate research and rates, at Societe
Generale.
Federal Reserve Governor Christopher Waller signaled on
Thursday that mounting economic risks and tame inflation have
him backing an interest rate cut by this month's end,
downplaying concerns that tariffs will fuel lasting price hikes.
As the second-quarter earnings season gets underway, early
results from 36 S&P 500 companies that reported, more than 80%
have topped Wall Street's earnings expectations, according to
LSEG I/B/E/S data.
The S&P 500 and the Dow are on track for only modest
advances this week, as investors navigate a swirl of mixed
signals - robust retail sales, a spike in consumer inflation,
and a stall in producer prices for June.
Cryptocurrency stocks rose after the U.S. House of
Representatives passed a bill that would develop a regulatory
framework for cryptocurrencies.
Robinhood Markets ( HOOD ) and Coinbase Global COIN.O gained
1.9% each, while Bitfarms rose 2.8% and Hut 8 ( HUT )
advanced 1.3%.