China, Chip, Tech Stocks Lead Futures Rally Ahead Of Payrolls Report | Stock News & Stock Market Analysis

Nasdaq 100 futures led a strong premarket session Friday, as global markets posted strong gains and investors looked awaited the December payrolls report.

Futures for the Dow Jones industrial average and the S&P 500 powered 0.3% above fair value. Nasdaq 100 futures gained nearly 0.5%, with NetEase (NTES), Xilinx (XLNX) and Cisco Systems (CSCO) posting the index’s strongest early gains.

All three indexes have plowed to new highs in the first week of the year, with the Dow breaking above the 25,000 mark early Thursday.

In the short week through Thursday, The Dow industrials bashed out a 1.4% gain and the S&P 500 jumped 1.9%, while the Nasdaq cranked out a 2.5% gain.  The three indexes had posted similar gains in the first week of 2017, with the Nasdaq up 2.6%, the S&P 500 jumping 1.7% and the Dow notching a 1% advance.

Strength in U.S. markets helped spur a rally across global markets on Friday. Japan’s Nikkei 225 vaulted 0.9%. Near midday in Europe, Frankfurt’s DAX was up more than 1%, the CAC-40 in Paris had advanced 0.8% and London’s FTSE 100 showed a 0.3% gain.

Friday’s key economic news will be December payrolls data from the Labor Department due out at 8:30 a.m. ET. The Commerce Department releases November estimates for trade balance at 8:30 a.m. and factory orders at 10 a.m. ET. The Institute for Supply Management delivers its services index for December at 10 a.m. ET.

Early Surge: Cisco, NetEase, Xilinx; Goldman Upgrades Sonic

Cisco Systems hammered out the Dow’s top premarket gain, up 2.2% as the stock aims for new high ground after clearing a cup-with-handle buy point at 34.20 in October.

Apple (AAPL) added 0.1%, and is set to head into Friday’s session up more than 2% for the week. Shares remain in the narrowing margin between its rising 10-week moving average and a 176.34 buy point.

The FANG stock tech leaders all traded around 0.5% higher, giving the Nasdaq a firm boost. Facebook (FB) is set to open just below its 184.35 buy point. (AMZN) is also just under a buy point at 1213.10.  Netflix (NFLX) remains in buy range after clearing a 204.48 buy point on Wednesday, and Alphabet (GOOGL) has been fighting to hold above its smost recent buy range, after clearing a buy point at 1006.29.

China-based video game leader NetEase scrambled up more than 2%. The stock, which gained 60% across 2017, has been attempting since mid-November to clear a 5-month base pattern. The base provides a buy point at 337.65.

Chip developer Xilinx (XLNX) leapt 2.5% after Goldman Sachs upgraded the stock to buy, from neutral. Xilinx ended Thursday in a bid to retake support at its 10-week moving average, below a 73.89 buy point in a double-bottom base.

Burger joint Sonic (SONC) served up a 4% premarket advance. The Oklahoma City-based chain reported mixed fiscal first-quarter earnings after Thursday’s close. The stock closed less than 5% below a 28.83 buy point in a cup-with-handle base.


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Originally posted 2018-01-05 13:11:44.


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