On Friday morning, stock futures showed little movement as the S&P 500 tried to grind out another profitable week. The S&P 500 futures were unchanged. The Nasdaq 100 and Dow Jones Industrial Average futures saw minimal change as well. The Dow and S&P 500 are now on course for what might be a profitable week after the three major averages closed Thursday slightly higher.
Even if the S&P 500 is just up 0.08 percent, this would be its sixth consecutive week of gains. The Dow is up 0.71% for the week and is expected to post its fourth straight positive week. For the week, the Nasdaq Composite is down 0.63%. Wall Street has made relatively quiet swings this week, but this comes after a strong gain since mid-June. This week, the market has been consolidating and flip-flopping a little.
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Frank Gretz, a technical analyst at Wellington Shields, stated, “I think this market is still robust,” given recent strong advance-decline ratios. There are no significant economic statistics scheduled to be released on Friday, but Applied Materials’ Thursday evening earnings announcement and bullish outlook may bolster investor confidence. In extended trading, the company’s stock price increased by nearly 2%.
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