Stocks are set to rise for a second day with Dow futures up 160 points

FAN Editor

Stock futures rose for a second day on Friday as major averages attempt to claw back their losses from earlier in the week.

Futures on the Dow Jones Industrial Average indicated an opening gain of about 160 points. S&P 500 futures rose 0.4% and Nasdaq-100 futures added 0.4%.

Bitcoin, which shook markets earlier in the week with a 30% collapse, was stable for a second day around the $40,000 range. Major technology shares were set to continue their rebound. Tesla was higher by 2% in premarket trading.

Shares of Nvidia jumped 4% in premarket trading after the chip giant announced a 4-for-1 stock split.

Gains were broad across sectors early Friday. Cruise lines gained after Carnival said some brands would resume cruises in July. Carnival added 1% in premarket trading.

Ford, which said Thursday it has 20,000 reservations for its new electric F-150 pickup, gained 1.7% in early trading. Home Depot shares rose 0.7% after the retailer announced a new $20 billion share buyback program.

In another sign of market confidence, new IPO Oatly, which jumped 18% on Thursday in its Nasdaq debut, was up 6% in premarket trading on Friday.

The move in futures followed a comeback day on Wall Street with the Dow gaining 186 points and the S&P 500 and Nasdaq composite ending the day 1.06% and 1.77% higher, respectively. Microsoft, Facebook and Alphabet all rose more than 1% while Netflix and Apple rallied more than 2% each.

Shares of Tesla and other speculative parts of the market bounced back as bitcoin prices recovered after a rollercoaster session Wednesday. A new pandemic-low in jobless claims also helped sentiment on Thursday.

Thursday’s “jobless claims improvement furthers our view the disappointing April jobs report was likely a blip rather than a sign of deceleration, and we anticipate meaningful labor market improvement in coming months,” said Scott Ruesterholz, a portfolio manager at Insight Investment.

Despite Thursday’s rebound, the Dow is down 0.9% in the past week, on track to see its fourth negative week out of the past five weeks. The S&P 500 is 0.4% lower on the week, on pace for its second negative week in a row. The Nasdaq Composite is up 0.8%, positioned to break a 4-week losing streak.

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