US stock futures rose on Friday, with tech in the lead as investors welcomed Netflix’s (NFLX) across-the-board earnings beat in the wait for the next batch of corporate results.
Futures on the tech-heavy Nasdaq 100 (NQ=F) moved up roughly 0.5%, while those on the S&P 500 futures (ES=F) added 0.2%. Dow Jones Industrial Average futures (YM=F) were little changed after hitting a fresh record closing high.
The major stock gauges are all on track for a sixth weekly win in a row after a strong showing by big banks to kick off earnings season.
Netflix’s results late Thursday relieved some worries that Big Tech names might struggle in the third quarter as they did in the last. The streaming giant’s profit surged to outstrip Wall Street estimates, while revenue and subscriber growth also came in stronger than expected. Its shares jumped over 6% in premarket trading.
At the same time, a rebound in Chinese stock markets propelled gains in US-listed shares of Alibaba (BABA), JD.com, (JD) and PDD (PDD). The rally came amid revived optimism for more stimulus to help China’s economy.
In commodities, gold (GC=F) prices hit a new record, topping $2,700 an ounce for the first time. Concerns about the Middle East conflict and uncertainty about the outcome of the US presidential election prompted a shift to less-risky assets.