U.S. equity futures were modestly higher Friday morning following a day that saw a strong set of earnings from retailers send shares higher.
The major futures indexes suggest a gain of 0.2% when the final trading day of the week gets underway on Wall Street.
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U.S. bond markets will have an early close on Friday at 2:00pm ahead of the Memorial Day holiday.
Both the stock and bond markets will be closed on Monday.
Oil is trading near a two-month high amid global supply concerns.
U.S. West Texas Intermediate (WTI) crude futures traded around $114 a barrel. WTI is set for a weekly gain of about 0.7%.
Brent futures were around $117 a barrel. That benchmark was on track for a gain of about 4% this week.
The week ends with earnings from Big Lots, and sporting goods seller Hibbett. So far, 491 companies in the S&P 500 have posted first-quarter results, with the numbers coming in well ahead of forecasts.
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On the economic docket, investors will be watching for the latest income and expense numbers for April, in addition to the University of Michigan’s measure of consumer sentiment.
Bitcoin traded around $29,000.
In Asia, Japan’s benchmark Nikkei 225 added 0.7%, Hong Kong’s Hang Seng surged 2.2% and China’s Shanghai Composite edged up 0.2%.
Shares of Alibaba and Baidu surged after they reported better than expected results.
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Wall Street ended broadly higher after seven straight weeks of declines, the longest such stretch since 2001.
The S&P 500 rose 79.11 points, or 2%, to 4,057.84. The Dow added 516.91 points, or 1.6%, to 32,637.19, and the Nasdaq rose 305.91 points, or 2.7%, to 11,740.65.
|I:DJI||DOW JONES AVERAGES||32637.19||+516.91||+1.61%|
|I:COMP||NASDAQ COMPOSITE INDEX||11740.650441||+305.91||+2.68%|
Retailers led the broader market higher Thursday. Macy’s surged 19.3% after it raised its profit forecast for the year following a strong first-quarter financial report. Dollar General vaulted 13.7% and Dollar Tree jumped 21.9% for the biggest gain in the S&P 500 after the discount retailers reported solid earnings and gave investors encouraging forecasts.
Shares of Gap were down 17% in premarket trading after slashing its annual results forecast, The clothing retailer blamed poor fashion choices at its Old Navy line and weak demand in the face of decades-high inflation.
Shares of Costco Wholesale traded nearly 2% lower in premarket trading. Profit and revenue topped expectations. Same-store sales grew by double-digits, but fell short of expectations.
Shares of Dell Technologies gained 7% in after-hours trading. Profit and revenue topped expectations on strong demand for enterprise computing hardware and business PC sales. The company also raised its full-year guidance.
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The yield on the 10-year Treasury was at 2.74% Friday morning.
The Associated Press contributed to this report.