Wall St set for higher open on Goldman earnings, retail sales data

  • Reuters
  • Stock Market News
Wall St set for higher open on Goldman earnings, retail sales data
Credit: © Reuters.

By Devik Jain and Federica Urso

(Reuters) -U.S. stock indexes were set for gains on Friday after Goldman Sachs (NYSE: GS ) rounded out a strong earnings season for big banks, while a surprise rise in retail sales strengthened views about economic recovery.

Shares of Wall Street's most prolific dealmaker were up 2.2% in premarket trading as a record wave of dealmaking activity drove a surge in the bank's quarterly earnings.

Strong results from other big financial institutions this week, including Bank of America (NYSE: BAC ) and JPMorgan (NYSE: JPM ), have set a bright tone for markets as the third-quarter earnings season gets underway.

A Commerce Department report showed retail sales rose unexpectedly in September, but there are fears that supply constraints could disrupt the holiday shopping season amid continued shortages of motor vehicles and other goods.

"Everyone knows that these supply chain issues will last a little bit longer, but when you consider just how strong the earnings have been, there's good reasons to be optimistic that there's going to be continued momentum in the economy," said Edward Moya, senior market analyst at OANDA.

The S&P 500 logged its biggest daily percentage gain since early March on Thursday, after data on the labor market and inflation eased fears over the outlook for higher rates.

The reports come against the backdrop of climbing oil prices, labor shortages and supply chain disruptions, which have rattled investors and led to choppiness in the market.

At 08:52 a.m. ET, Dow e-minis were up 219 points, or 0.63%, S&P 500 e-minis were up 20.5 points, or 0.46%, and Nasdaq 100 e-minis were up 50.5 points, or 0.34%.

This week's move into rate-sensitive growth names such as Microsoft Corp (NASDAQ: MSFT ), Amazon.com Inc (NASDAQ: AMZN ), Apple Inc (NASDAQ: AAPL ) and Google-parent Alphabet (NASDAQ: GOOGL ) looked set to continue, with their shares inching up.

Moderna (NASDAQ: MRNA ) Inc rose 2.1% after a U.S. FDA panel voted to recommend booster shots of its COVID-19 vaccine for Americans aged 65 and older and high-risk people.

Western Digital (NASDAQ: WDC ) slipped 1.8% as Goldman Sachs downgraded the storage hardware maker's stock to "neutral" from "buy".

© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 12, 2021.  REUTERS/Brendan McDermid

Shares of cryptocurrency and blockchain-related firms Coinbase (NASDAQ: COIN ) Global, China-based SOS, MicroStrategy (NASDAQ: MSTR ) Inc, Marathon Digital and Riot Blockchain added between 1.9% and 4.3% as bitcoin hit $60,000 for the first time since April.

Energy firms including Chevron Corp (NYSE: CVX ) and Exxon Mobil (NYSE: XOM ) gained about 0.7%, tracking Brent crude prices that scaled $85 per barrel. [O/R]

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