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U.S. Stock Futures Steady After Mixed Close, Retailers Report

Published 19/11/2021, 10:21 am
© Reuters

By Oliver Gray

Investing.com - U.S. stock futures were slightly higher in early APAC deals on Friday, after the S&P 500 and Nasdaq Composite closed at record highs in the previous session as market participants cheered better than expected earnings from major retailers, while easing long term bond yields provided a boost to technology heavyweights as Nvidia also reported strong results.

During Thursday’s regular session, The Dow fell 60.1 points or 0.17% to 35870.96, the S&P 500 added 15.78 points or 0.34% to 4704.55 and the Nasdaq Composite rose 72.14 points or 0.45% to 15993.71.

Dow Jones 30 Futures added 0.07%, S&P 500 Futures gained 0.09% and Nasdaq 100 Futures lifted 0.11%.

Among stocks, NVIDIA Corporation (NASDAQ:NVDA) added 8.25% after reporting earnings that beat top and bottom line expectations, while issuing a bullish revenue forecast for the current quarter. Other chip-makers lifted following the news, with Advanced Micro Devices (NASDAQ:AMD) adding 2.43%, Qualcomm (NASDAQ:QCOM) lifting 1.51% and Micron Technology (NASDAQ:MU) adding 2.07%.

Meantime, Apple (NASDAQ:AAPL) gained 2.85% to fresh record highs after Bloomberg suggested the iPhone maker was stepping up plans to develop its electric vehicle and have it on the road by 2025. Other technology stocks also closed in the green, with Alphabet Inc Class A (NASDAQ:GOOGL) adding 1.21%, Microsoft Corporation (NASDAQ:MSFT) gaining 0.63% and Tesla Inc (NASDAQ:TSLA) lifting 0.68%. However, Cisco (NASDAQ:CSCO) lost 5.51% after the company reported lower-than-expected revenues and weaker guidance.

Among retailers, Macy’s Inc (NYSE:M) surged 21.17% after reporting, while Kohls Corp (NYSE:KSS) lifted 10.62% after reporting gains in same-store sales growth and digital. Bath Body Works Inc (NYSE:BBWI) also closed 5.05% higher after solid earnings results, while Victoria's Secret & Co (NYSE:VSCO) surged 14.65%.

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Among recent data, U.S. jobless claims data fell to a new pandemic low of 268K, coming in slightly above expectations while posting the seventh straight weekly decline.

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