On Friday morning, US futures indicated a modest increase as traders considered the potential for the US economy to avert a recession, following Thursday's surprising jobless claims report that surpassed market expectations. The S&P 500 futures rose by 0.1%, while the Nasdaq futures climbed by 0.2%, and the Dow Jones futures remained relatively stable, signaling cautious optimism among investors. In the morning trading environment, yields on the benchmark 10-year US Treasuries continued to hold below the 4% mark, indicating a steady demand for government bonds amid investor analyses of economic conditions.
Asian stock exchanges displayed positive movement, trading mostly higher, influenced by cues from overnight performances in Wall Street and supported by a July inflation report from Beijing that pointed to a strengthening demand from consumers. This uptick in Asian markets reflects growing confidence in the global economic recovery and investor sentiment.
Meanwhile, European bourses mirrored this trend, moving moderately upward by midday in the continental markets, as positive economic sentiment spread globally. In individual stock movements, Amneal Pharmaceuticals (AMRX) saw a decline of 0.9% in pre-bell trading after announcing its quarterly results, which included a modest increase in guidance.
In contrast, Doximity (DOCS), a platform catering to medical professionals, surged more than 27% in pre-bell trading after posting impressive quarterly results and providing upbeat guidance late Thursday. Next on the economic calendar is the Baker Hughes domestic oil-and-gas rig count scheduled for 1 PM ET, an important indicator for investors and market analysts closely monitoring the energy sector. In premarket actions, Bitcoin reached $60,604, reflecting its continued strong performance, while West Texas Intermediate crude oil prices also moved higher to $76.44.
The yields on 10-year US Treasuries offered a return of 3.96%, and spot gold was trading for an impressive $2,428 per ounce, showcasing the diverse investment landscape and the current economic climate. Additionally, the market saw movements in widely monitored assets, such as the $US30 and $US500 indices, which further illustrate the active trading environment that investors are navigating today..