Stock futures gain as the S&P 500 heads for 4th straight winning week on hope
Where the rally stands
Nearly two months removed from June lows, the three major averages have made big strides but still remain well below their record highs.
Here’s where each stands entering Friday:
The Dow is:
- 9.8% off its record high
- 11.5% off its June low
The S&P 500 is:
- 12.7% off its record high
- 14.7% off its June low
The Nasdaq Composite is:
- 21.17% off its record high
- 20.0% off its June low
— Jesse Pound
House set to vote on climate, healthcare and tax package
The House will vote Friday on the “Inflation Reduction Act,” a sweeping piece of legislation that earmarks hundreds of billions of dollars for energy and healthcare. It also includes some tax reform measures, including around corporate taxes.
The bill, which the Senate passed Sunday, outlines $369 billion for energy security and fighting climate change, making it the largest climate package in U.S. history.
The package seeks to accelerate renewable energy development in the U.S. while also incentivizing domestic supply chains.
The bill follows months of discussions between lawmakers, after Senator Joe Manchin voted against the Build Back Better bill.
— Pippa Stevens
Apple shares higher in premarket
Apple shares were in the green following a report from Bloomberg News that the iPhone maker still expected to produce about the same number of smartphones this year as last year. It’s also telling suppliers to make about the same amount of the latest generation iPhones this year as in 2021, according to the report.
If true it would counter concerns about a global economic slowdown impacting iPhone demand. Apple shares are down just 5% this year following a 30% rally of its June low. The shares were last up about 0.2% in premarket trading.
-John Melloy
U.K. economy contracts in the second quarter as cost-of-living crisis bites
European markets cautiously higher as investors track data, monetary policy path
European markets were slightly higher on Friday, with investors charting the course for monetary policy and economic growth.
The pan-European Stoxx 600 nudged 0.4% higher in early trade, with travel and leisure stocks climbing 2.7% as most sectors and major bourses traded in positive territory. Tech stocks slid 0.4%.
The European blue chip index closed Thursday’s session in mixed territory, with European stocks having been guided throughout the week mostly by key data points out of the U.S. and a deluge of corporate earnings reports.
Investors in Europe are digesting a slew of economic data releases on Friday, including a preliminary U.K. second-quarter GDP reading, July inflation prints out of France, Spain and Italy, and euro zone industrial production for June.
– Elliot Smith
Tech investor names a ‘must own’ FAANG stock to buy the dip — and one to avoid
Tech stocks have staged something of a comeback recently, even if the tech-heavy Nasdaq dipped slightly Thursday.
The Nasdaq has rallied about 20% from its June low, while Apple and Netflix have soared around 30% and 50%, respectively, from their lows that same month.
Top investor Paul Meeks revealed his call on two FAANG stocks on CNBC Pro Talks — one, to buy the dip if it drops a bit further, as well as one to hold off on. CNBC Pro subscribers can…
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