After moving sharply higher in the previous session, stocks may move in opposite directions in early trading on Friday. The major index futures are currently pointing to a mixed open for the markets, with the Nasdaq futures up by 28 points but the Dow futures down by 53 points.
Strength among tech stocks is likely to contribute to an early advance by the tech-heavy Nasdaq, as traders react to upbeat earnings news.
Shares of Amazon (AMZN) are moving significantly higher in pre-market trading after the online retail giant reported first quarter results that exceeded analyst estimates on both the top and bottom lines.
Software giant Microsoft (MSFT) is also likely to see early strength after reporting better than expected fiscal third quarter results and providing upbeat guidance.
Shares of Intel (INTC) are also likely to move to the upside after the semiconductor giant beat first quarter earnings estimates and raised its full-year revenue and profit forecasts.
On the other hand, a notable decline by ExxonMobil (XOM) may weigh on the Dow after the energy giant reported first quarter earnings that came in below expectations.
Traders are also digesting a report from the Commerce Department showing U.S. economic growth slowed by less than expected in the first quarter of 2018.
The Commerce Department said real gross domestic product climbed by 2.3 percent in the first quarter compared to the 2.9 percent jump in the fourth quarter. Economists had expected GDP to increase by about 2.0 percent.
Shortly after the start of trading, the University of Michigan is scheduled to release its revised report on consumer sentiment in the month of April.
The consumer sentiment index for April is expected to be upwardly revised to 98.0 from the preliminary reading of 97.8, although that would still be down from 101.4 in March.
Stocks moved sharply higher over the course of the trading session on Thursday, as traders reacted positively to latest batch of earnings news. The major averages climbed firmly into positive territory after ending the previous session mixed.
The major averages pulled back off their best levels in the final hour of trading but held on to strong gains. The Dow jumped 238.51 points or 1 percent to 24,322.34, the Nasdaq soared 114.94 points or 1.6 percent to 7,118.68 and the S&P 500 surged up 27.54 points or 1 percent to 2,666.94.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan's Nikkei 225 Index climbed by 0.7 percent, while Hong Kong's Hang Seng Index advanced by 0.9 percent.
The major European markets have also moved to the upside on the day. While the French CAC 40 Index has edged up by 0.2 percent, the U.K.'s FTSE 100 Index and the German DAX Index are both up by 0.8 percent.
In commodities trading, crude oil futures are slipping $0.24 to $67.95 a barrel after inching up $0.14 to $68.19 a barrel on Thursday. Meanwhile, after falling $3.90 to $1,317.90 an ounce in the previous session, gold futures are rising $2.50 to $1,320.40 an ounce.
On the currency front, the U.S. dollar is trading at 109.52 yen compared to the 109.30 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.2060 compared to yesterday's $1.2103.
For comments and feedback contact: editorial@rttnews.com