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Futures edge up on tech boost; Netflix climbs after upbeat earnings

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Oct 18 - Wall Street futures inched higher on Friday, led by gains in those tracking the Nasdaq 100 as technology shares broadly advanced, while Netflix soared following strong quarterly results.

Chip heavyweight Nvidia , was up 0.9%, extending gains from Thursday following strong results from contract chipmaker TSMC , opens new tab, which lifted semiconductor stocks. Upbeat earnings from financial companies and broadly positive economic data have lifted the Dow and the S&P 500 to fresh record highs this week. The Dow closed at a record high on Thursday, while the S&P 500 is nearing the psychologically important 6,000 mark.

Stretched valuations - the S&P 500 is trading at nearly 22 times forward earnings - and high expectations for corporate results could also leave stocks vulnerable to a pullback amid indications that investors are exploring less expensive market sectors. Expectations for the U.S. Federal Reserve to ease interest rates by 25 basis points at its November meeting have remained fairly steady throughout the week, currently standing at 92.1%, according to CME's FedWatch.

 

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