Futures Firm as Week Winds Down

Before the bell, futures are still on the upside after they remained firm yesterday.

Video Transcript


JAMES SWEENEY: Before the opening bell, US futures, they're still on the upside after remaining firm yesterday because Federal Reserve Chairman Jerome Powell pointed out that there is still some room for the US economic rebound to go and that inflation is not expected to be serious. US indices, they closed higher on Thursday, with the S&P 500 reaching yet another high, helped by the combination of shares in tech hardware and equipment, as well as software and services sectors, and that also includes the automobiles and components sectors, this all as 52% of S&P 500 constituents managed to trade higher yesterday.

Taking a look now at after-hours action, we first take a look at shares of Boeing, which has recommended to 16 customers that they address a potential electrical issue in a specific group of 737 MAX airplanes prior to further operations. Moving on, also in the headlines, we have Levi Strauss, which popped in extended trade after raising first half sales and adjusted EPS outlook. The company also reported first quarter earnings that managed to top expectations.

Now, taking a look at today's action, there's no major earnings due out, but on the economic docket, we do have the release of the IMF/World Bank spring meetings, and before the opening bell, 8:30 in the morning, we have the release of Core PPI figures. And then, later on after the opening bell, 10:00 o'clock in the morning, US wholesale inventories.

Taking a look now at the markets, the S&P 500, that's where we begin, and that sees the bias remain bullish. The NASDAQ, meanwhile, intraday, that happens to see the bias remain bullish, and that's what's in focus. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. So long positions above 13,650 are favored, with targets at 13,840 and 13,900 in extension. This while the Dow Jones intraday sees the bias remain bullish.