US stocks edged up before the bell on Friday as Treasury yields tipped lower, but with markets still on track for weekly losses with earnings season well underway.
S&P 500 futures (ES=F) rose roughly 0.2%, after the benchmark snapped a three-day losing streak as Tesla (TSLA) soared post-earnings. Dow Jones Industrial Average futures (YM=F) added 0.1%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) were up around 0.2%.
Stocks are reviving somewhat as a pullback in US bond yields lifted some recent pressure on risk appetite. The benchmark 10-year yield (^TNX) slipped to around 4.19%, easing back from a three-month high above 4.25% hit midweek.
But the Dow and S&P 500 still look poised for downbeat weeks after taking a hard knock from that surge, amid worries the Federal Reserve will go slow on interest-rate cuts.
Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards
Meanwhile, Tesla (TSLA) stock slipped about 2% in premarket, having booked its best day since 2013 after a surprisingly upbeat sales forecast and quarterly results. The spate of earnings is easing as the week draws to a close, with Colgate-Palmolive (CL) the highlight.
Elsewhere in corporates, Capri (CPRI) stock cratered 45% in premarket trading after a judge blocked the parent of Michael Kors from merging with Coach owner Tapestry (TPR).
Investors are now starting to brace for potential disruption on the horizon: The November US jobs report due next Friday, and the tight presidential election a week later.
At the same time, Tesla’s earning surprise has laid the ground for the five other “Magnificent Seven” megacaps reporting next week: Google parent Alphabet (GOOG, GOOGL), Meta (META), Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN).
Coming soon
Live stock market coverage for Friday, Oct. 25, 2024
