US pre-open: Futures little changed following yesterday's solid gains

9th Aug 2024 10:28

(Sharecast News) - Wall Street futures were only slightly higher ahead of the bell on Friday after market participants bought the dip in the previous session.

As of 1240 BST, Dow Jones futures were up 0.03%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.04% and 0.10% higher, respectively.

The Dow closed 683.04 points higher on Thursday after weekly jobless claims numbers from the Labor Department seemingly eased investors' concerns regarding a potential US recession.

Trade Nation's David Morrison said: "Sentiment has become more positive following a strong tech-led rally yesterday which brought significant gains for all the US majors. US stock index futures built on those gains this morning, and investors are hoping that these latest moves signal a return to market bullishness which ended so abruptly in mid-July."

In the corporate space, Paramount Global shares traded higher prior to the open on Friday after posting quarterly adjusted earnings that came in ahead of estimates and revealing that it would cut roughly 15% of its US-based workforce, while Expedia was in the red after telling investors that it had experienced a softening in travel demand during July amid a more challenging macro environment.

No major data points were scheduled for release on Friday.

Reporting by Iain Gilbert at Sharecast.com