U.S. stock index futures pointed to a little changed open on Friday following a record-setting session for the major stock indexes.
Around 7 a.m. ET, Dow Jones Industrial Average futures were unchanged but pointed to a gain of 33 points at the open. S&P 500 and Nasdaq 100 futures pointed to a flat open.
The small implied gain for the Dow comes after Disney shares soared more than 5% on better-than-expected earnings. Disney’s revenues for its media and networks segment topped a FactSet estimate, while sales for the company’s parks, studio entertainment and direct-to-consumer businesses also beat expectations.
Stocks rose to record highs on Thursday after the world’s two largest economies reportedly agreed to remove existing trade tariffs, sparking a huge rotation into equities and out of bonds. The U.S. 10-year Treasury yield jumped more than 15 basis points at one point on Thursday, its biggest upward move since the 2016 election.
A spokesperson for the Chinese commerce ministry said that both sides had agreed to cancel existing tariffs in phases. A U.S. official also said reportedly both sides agreed to roll back the levies in tranches. Furthermore, data released Friday morning showed that Chinese exports and imports declined less than expected in the month of October.
Meanwhile, Jean-Claude Juncker, president of the European Commission, said there “won’t be any auto tariffs” from the U.S. on Europe next week. U.S. President Donald Trump has until Nov. 13 to decide whether he will pursue with car tariffs on the EU.
The increasingly positive tone around global trade put the major indexes on track for solid weekly gains. Entering Friday’s session, the Dow is up 1.2% week to date. The S&P 500 and Nasdaq Composite are both up 0.6% for the week through Thursday’s close. It would be the third straight week of gains for the Dow while the S&P 500 headed for its fifth straight weekly gain. The Nasdaq was on pace for a six-week winning streak.
On the data front, consumer sentiment figures are due out at 10 a.m. ET, as well as wholesale trade numbers.