Stock futures poised to add to rally

Is this start of market correction or just a respite?

BMO Capital Markets chief investment strategist Brian Belski on whether it’s time for investors to sell. 

U.S. equity futures were trading higher ahead of the final Wall Street trading session of the week.

The major futures indexes were suggesting a gain of 0.2% at the opening bell.

Stocks bounced back Thursday to snap a three-day losing streak after jobless claims data showed that the labor market continued to recover.

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Friday's data, which could dictate the direction of trading, includes existing home sales for the month of April. The National Association of Realtors is expected to say that sales of previously owned homes popped 2% from March to a seasonally adjusted annual rate of 6.09 million units.

Research firm IHS Markit’s will releaase its flash manufacturing and services reports for May. Both numbers are expected to dip slightly from multi-year highs in April. Any number above 50 indicates an expanding sector.

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A busy week for retail earnings finishes Friday morning with results from a pair of names in the apparel sector: Foot Locker and Buckle. Also watch for numbers from farm machinery maker Deere & Company, and apparel maker V.F. Corp.

In Asia, Tokyo's Nikkei 225 index gained 0.8%, Hong Kong's Hang Seng was down less than 0.1% and China's Shanghai Composite index lost 0.6%.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES34084.15+188.11+0.56%
SP500S&P 5004159.12+43.44+1.06%
I:COMPNASDAQ COMPOSITE INDEX13535.738906+236.00+1.77%

On Thursday, the S&P 500 gained 1.1% to 4,159.12. The Dow Jones Industrial Average added 0.6% to 34,084.15. The technology heavy Nasdaq fared better than the rest of the market, climbing 1.8%, to 13,535.74.

Technology and communications stocks accounted for much of the rally. Apple rose 2.1% and Google’s parent, Alphabet, rose 1.6%. Nearly every sector in the S&P 500 made gains, though a drop in oil prices dragged energy sector stocks lower. 

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The price of Bitcoin continued to bounce, rising in the morning but losing ground later in the day. It was 0.2% lower at $39,938.25, according to the online brokerage Coinbase.

In other trading, U.S. benchmark crude oil slipped by 2 cents to $61.93 per barrel in electronic trading on the New York Mercantile Exchange. It lost $1.94 to $61.94 per barrel on Thursday.

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Brent crude, the international standard, lost 22 cents to $64.89 per barrel.

The Associated Press contributed to this report.

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