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Stock index futures pointed lower Friday following a busy earnings week.
S&P futures (SPX) -0.4%, Dow futures (INDU) -0.3% and Nasdaq 100 futures (NDX:IND) -0.4% are lower.
Going into Friday, the S&P 500 (SP500) is down about 1%, with the Dow (DJI) off 0.8% and the Nasdaq Composite (COMP.IND) down 1.7%
“This is a pivotal earnings season,” strategist Ben Laidler said. “With US stocks to end their earnings recession and profits taking over from rerated valuations as the markets driver. This help is needed more than ever.”
“With the tall wall-of-worry from the middle east and oil to inflation and bond yields. Tech is the market Godzilla, as the biggest and best-performing sector with the strongest growth as the ‘magnificent seven’ lead the earnings recovery. With their Q3 profits seen up over 30% vs -2% for the remaining ‘S&P 493’. Justifying their premium valuation and lifting the whole market.”
Rates moved lower. The 10-year Treasury yield (US10Y) fell 5 basis points to 4.94%.