Stock Futures Rise Slightly as S&P 500 Aims for a Winning Week


Stock futures were slightly higher on Friday as the S&P 500 attempted to break a seven-week loss streak.

Futures on the Dow Jones Industrial Average climbed 34 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures gained 0.3% and 0.4%, respectively.

The Dow, S&P 500 and Nasdaq are on track to close the week higher. The Dow is up 4.4%, the S&P 500 is up 4% and the Nasdaq Composite is up 3.4% this week. Some of that gain came Thursday, as all three averages rose as strong retail earnings lifted sentiment.

Still, the averages are well off their highs, with the Nasdaq Composite firmly in bear market territory and the S&P 500 briefly dipping more than 20% below its record last week.

The Nasdaq is down 27.6% from its record after Thursday’s close, while the S&P 500 and Dow are down 15.8% and 11.7% respectively.

“We think there’s a good chance of some more power here. This is kind of a classic bear market rally or bounce off the bottom,” Troy Gayeski, chief market strategist for FS Investments, told CNBC’s “Closing Bell: Overtime” Monday. “Inflation expectations have been skipped recently.”

Investors continued to analyze retail earnings on Friday. Ulta Beauty shares rose about 8% in the premarket after the company reported better-than-expected quarterly results, while Gap fell nearly 20% after lowering earnings estimates.

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A slew of data will be released Friday, including personal income, consumer spending and top personal consumer spending.

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