U.S. stock futures showed little change on Friday following the Dow Jones Industrial Average’s longest winning streak since December.
Futures tied to the 30-stock Dow rose by 44 points, or 0.1%, while S&P 500 futures climbed 0.09%, and Nasdaq 100 futures gained 0.1%.
Wall Street had a positive session previously, with the Dow advancing 0.85%, marking its seventh consecutive day of gains. The S&P 500 gained 0.51%, closing above 5,200 for the first time since early April, while the Nasdaq Composite rose 0.27%.
Investor optimism has been on the rise lately, especially after the Federal Reserve hinted that the next move is unlikely to be an interest rate hike. A robust earnings season and softer labor data have also boosted confidence in the stock market outlook.
Chris Hyzy, chief investment officer of Merrill and Bank of America Private Bank, emphasized the importance of discerning whether the market is entering a long-term bull market phase.
Stocks were on track for a winning week as of Thursday’s close, with the Dow up 1.8%, the S&P 500 higher by 1.7%, and the Nasdaq Composite up 1.2%.
Several central bank officials are scheduled to speak on Friday, including Fed presidents Lorie Logan, Neel Kashkari, and Austan Goolsbee, along with Fed Governor Michelle Bowman.
In economic news, May consumer sentiment data is expected to ease slightly to 76.0 from 77.2.
European markets opened higher on Friday, with positive momentum continuing as the U.K. reported better-than-expected first-quarter gross domestic product.
In other news, the State Bank of India Chairman Dinesh Kumar Khara suggested that India’s interest rates are likely to remain higher for a longer period compared to other central banks.
Singapore’s second-largest bank OCBC posted record first-quarter revenue and profit, while offering to take its insurance subsidiary Great Eastern private.
HSBC expects Xiaomi to break even on its electric vehicle, the SU7, sooner than previously projected, citing strong demand and deliveries.
According to the American Association of Individual Investors, individual investors’ neutral sentiment about the stock market outlook rose to its highest level since September, while bullishness remained above historical averages for the 26th time in 27 weeks. Bearish sentiment declined below its historical average for the first time in four weeks.
In extended trading, Yelp shares slid 6% after posting light second-quarter revenue guidance, while Sweetgreen shares rose 5% on better-than-expected first-quarter revenue. Akamai Technologies shares fell nearly 9% due to weak second-quarter guidance.
