US stock futures signaled a higher ending of the week after starting the week lower. S&P 500 futures added 20 points while Nasdaq 100 futures added 76 points. Futures contracts tied to the Dow Jones Industrial Average were up 148 points.

US Economic Concerns

The S&P 500 index closed Thursday’s session almost flat after disappointing weekly initial jobless claims data. The initial jobless claims for the week ending July 17 came in higher than expected. The claims rose 51,000 to 419,000 from the previous 368,000.

Markets remain in fear of the Delta coronavirus variant. According to CDC director, the Delta variant is one of the most infectious respiratory diseases ever. Investors are worried that the surging coronavirus cases could cause a slowdown in the economic recovery.

However, the latest Fed’s dovish tone has seemed to calm some of the fears in the market. According to Fed chair, Jerome Powell, the Fed will only start tapering its monetary policy once the economy hits significant stability.

US Treasury yields slightly advanced on Friday ahead of July’s Purchasing Managers Index (PMI). The yield on the benchmark 10-year Treasury note increased to 1.295%. The yield on the 30-year Treasury bond rose to 1.933%.

Oil prices eased their two-day rally on Friday after OPEC+ ministers agreed to boost oil supply from August. WTI Crude oil fell to trade at $71.90 per barrel. Brent Crude was almost flat at $73.80 per barrel.

The US Composite Purchasing Managers Index will be released later in the day. Economists expect a decline in July’s manufacturing PMI and a slight increase in the services PMI.

S&P 500 Movers

Twitter led the gains in the S&P 500 index. The social networking company gained 5.39% in its stock earnings after releasing its revenue for the second quarter. Twitter’s second-quarter earnings hit its fastest revenue growth since 2014. Its revenue advanced to $1.19 billion while earnings rose to 20 cents per share.

Newell Brands Inc rose 3.27% in premarket trade. The commercial organization is set to release its second-quarter earnings later in the day. Analysts expect the company to report earnings of 45 cents per share.

Facebook Inc was also among the top performers in the index. The social networking service company gained 2.79% ahead of its quarterly earnings report. The company’s earnings are expected to come in at $3.04 per share while its revenue is expected to be $27.89 billion.

Among the laggards in the index included CarMax Inc and VeriSign Inc. CarMax Inc is the largest retailer of used cars in the US. The company’s stock price dipped 6.76% in premarket trade extending Thursday’s losses.

Verisign Inc inched 2.37% lower after posting its quarterly earnings. The internet company reported a revenue of $329 million for the second quarter of 2021. The company’s earnings came in at $1.31 per share. Its net income was $148 million which was lower than the same quarter in 2020.

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