Editor's PickMarket News

Wall Street starts in the green

Wall Street made a positive start to Friday’s session after a set of strong earnings from tech companies lifted market sentiment. Shortly after the opening bell, the Dow Jones Industrial Average was up 0.52% at 35,003, while the S&P 500 climbed 0.46% to 4,387 and the Nasdaq rose 0.36% to 14,737. Shares in Snap Inc (NYSE:SNAP), which reported blowout earnings overnight, jumped 22.7% to US$77.27 in early deals, while Twitter Inc (NYSE:TWTR) was up 1.9% at US$70.86 after reporting a jump in revenues. 7:45am: Wall Street to open higher The main indices on Wall Street are expected to start in the green as traders look to end the week on a high note. The Dow Jones Industrial Average is seen rising at least 150 points with the S&P 500 and Nasdaq also expected to open at least 0.4% higher. Market analysts Naeem Aslam at AvaTrade said: “Despite a significant growth in jobless claims last week, the three major indices closed in the green yesterday, boosted by a strong performance by technology stocks. “Stock traders should understand that the growth in tech stocks came amid rising concerns related to the rise in Covid cases caused by the Delta variant. Investors are unsure what this update means for the economy’s recovery in the coming months. “Investors should keep in mind that, at the height of the coronavirus pandemic, tech stocks provided a haven for distressed investors due to their higher-than-average earnings performance. Responding with the same strategy, investors are moving away from stocks positively correlated with economic cycles to tech stocks in an attempt to hedge their risk.” Aslam said stock traders are awaiting the earnings of technology giants such as Amazon.com, Microsoft, Apple, Google, and Facebook, which are set to be released next week. Four things to watch for on Friday: Earnings at the end of the week include energy firm NextEra Energy (NYSE:NEE) Inc and engineering products company Roper Technologies Inc Both Snap Inc (NYSE:SNAP) and Twitter Inc (NYSE:TWTR) shares are likely to be in focus following their better than expected results after yesterday’s close American Express Co could also attract attention after also beating expectations amid an acceleration in card spending On the macro front, US flash PMIs are the only major announcements likely to draw attention