S&P 500 slips, but losses kept in check as Nvidia climbs ahead of results
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* Futures up: Dow 0.64%, S&P 0.80%, Nasdaq 0.91%
Sept 11 (Reuters) - U.S. stock index futures climbed on
Friday, with tech shares gaining after a pullback in the
previous session, as Oracle's solid quarter restored faith that
tech-related companies are emerging stronger from the
coronavirus crisis.
The cloud services company ORCL.N added 3.4% in premarket
trading after its quarterly results beat estimates and it
signaled a recovery in client spending due to higher remote
working-led demand. Peloton Interactive Inc PTON.O surged 11.2% after it beat
quarterly revenue estimates as the exercise bike maker recorded
a surge in subscribers and increased demand for its fitness
products during the pandemic. The so-called "stay-at-home winners", Apple Inc AAPL.O ,
Amazon.com Inc AMZN.O , Microsoft Corp MSFT.O and Netflix Inc
NFLX.O advanced between 1.4% and 2% after selling in some of
these mega-cap stocks brought Wall Street's rally to a
screeching halt last week.
The three main U.S. stock indexes were headed for a second
straight weekly decline, with the Nasdaq eyeing its steepest
weekly fall since March after concerns over the massive build-up
in call options tied to tech names exacerbated the selloff.
Still, many investors view the slump as a healthy
consolidation after a stunning five-month rally in the S&P 500
that was powered by a narrow group of heavyweight tech names.
The Nasdaq is about 9% below its record closing high, while
the S&P 500 is about 7% below its peak, both logged last week.
Recent economic indicators suggest a long and difficult
recovery from the pandemic, especially in the labor market. Data
at 8:30 a.m. ET (1230 GMT) is expected to show U.S. consumer
prices dipped in August from the prior month.
At 6:23 a.m. ET, Dow e-minis 1YMcv1 were up 177 points, or
0.64%. S&P 500 e-minis EScv1 were up 26.75 points, or 0.8% and
Nasdaq 100 e-minis NQcv1 were up 101.25 points, or 0.91%.
Tesla TSLA.O gained 3.1% as two sources said the
electric-car maker is planning to export Model 3 vehicles made
in China to Asian and European markets.