Stock Markets Are Looking a Little Cautious on Friday
Frankfurt (May 11) Global stocks traded cautiously higher Friday, with European shares set for the longest winning streak in three years, as tame inflation, easing geopolitical tensions and modest pullback in crude oil prices boosted sentiment in major markets around the world.
Early indications from U.S. equity futures suggest a mixed open on Wall Street, however, as the dollar index eases from its 2018 high against a basket of six global currencies following a softer-than-expected reading for U.S. inflation Thursday. The 0.2% April tab from the Labor Department follows tamer inflation metrics from major economies around the world -- including the United Kingdom and the European Union -- and suggests central banks won't be as quick to tighten monetary policy between now and the end of the year.
The reading also pulled benchmark 10-year Treasury note yields to a month-to-date low of 2.95% and 2-year note yields to 2.531%.
Futures contracts tied to the Dow Jones Industrial Average are pointing to an implied opening bell gain of 47 points for the 30-stock benchmark, while those linked to the broader S&P 500 suggest a 3 point gain. Nasdaq Composite (NDAQ) futures were also modestly in the green, pointing to a 9 point bump for the tech-heavy benchmark.
Nvidia Corp. (NVDA) shares slipped lower in pre-market trading Friday after the chipmaker posted stronger-than-expected first quarter earnings but spooked investors by revealing details that indicate an increasing reliance on volatile cryptocurrency mining activity.
Action Alerts PLUS holding Nvidia shares were marked 2.16% lower in pre-market trading, indicating an opening bell price of $254.50 each, a move that would trim its year-to-date gain to 31.5% but still leave the Santa Clara, Calif-based group as the top performer on the Philadelphia Semiconductor sector benchmark.
Symantec Corp. (SYMC) shares plunged in pre-market trading Friday after the cyber security firm said an internal investigation could delay the filing of it annual report and alter its weaker-than-expected sales and earnings forecasts.
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