23/09/2020

U.S. stock index futures were slightly higher Friday morning as investors digest growth data out of China.

U.S. stock index futures were slightly higher Friday as investors digest growth data out of China and wrap up a week in which equities reached record highs.
At around 8:40 a.m. ET, Dow Jones Industrial Average futures rose 112 points, indicating a gain of 100 points at the open. S&P 500 and Nasdaq 100 futures also rose. 
China’s economy grew by 6.1% in 2019, data released overnight showed. That matched economist expectations. However, that was the slowest growth rate for the Chinese economy since 1990 and a decline from 2018’s 6.6% expansion. 
U.S. stocks rose to fresh highs on Thursday amid stronger-than-expected results from Morgan Stanley. Meanwhile, on the tech front, Microsoft rose to record levels and Alphabet, the parent company of Google, reached a market cap of $1 trillion for the first time.
Thursday’s gains put the major averages on track to post strong weekly gains. The S&P 500 and Dow are up more than 1.5% entering Friday’s session while the Nasdaq is up nearly 2%. A solid start to the corporate earnings season along with strong economic data has lifted market sentiment this week. 
More than 7% of the S&P 500 has reported quarterly results thus far, FactSet data shows. Of those companies, 74% of companies gave posted better-than-expected earnings.
Schlumberger reported Friday quarterly earnings that beat analyst expectations, sending the stock up more than 2% in the premarket. CSX’s earnings also beat expectations, but the stock slid more than 3% before the bell.