U.S. Stocks May Turn In Mixed Performance In Early Trading

After ending the previous session little changed, the major U.S. stock indexes may turn in a mixed performance in early trading on Friday.

The major index futures are currently pointing to a mixed open for the markets, with the Nasdaq 100 and S&P 500 futures up by 0.5 percent and 0.2 percent, respectively, but the Dow futures down by 0.2 percent.

The tech-heavy Nasdaq is likely to benefit from an advance by shares of Netflix (NFLX), as the streaming giant is surging by 6.6 percent in pre-market trading.

The jump by Netflix comes after the company reported third quarter results that exceeded analyst estimates on both the top and bottom lines.

On the other hand, a drop by shares of American Express (AXP) is likely to weigh on the Dow, with the credit card giant slumping by 2.1 percent in pre-market trading.

American Express may come under pressure after reporting third quarter earnings that beat expectations but weaker than expected revenues.

Fellow Dow component Procter & Gamble (PG) may also moved to the downside after the household goods maker reported fiscal first quarter revenues that missed estimates.

In U.S. economic news, the Commerce Department released a report showing a modest pullback by housing starts in the month of September.

The Commerce Department said housing starts fell by 0.5 percent to an annual rate of 1.354 million in September after spiking by 7.8 percent to a revised rate of 1.361 million in August.

Economists had expected housing starts to dip by 0.4 percent to an annual rate of 1.350 million from the 1.356 million originally reported for the previous month.

The report also showed a sharp pullback by building permits, which tumbled by 2.9 percent to an annual rate of 1.428 million in September after surging by 4.6 percent to a revised rate of 1.470 million in August.

Building permits, an indicator of future housing demand, were expected to slump by 1.0 percent to an annual rate of 1.460 million from the 1.475 million originally reported for the previous month.

Stocks saw modest strength for much of the session on Thursday before giving back ground late in the trading day to close roughly flat. The Dow still managed to reach a new record closing high.

The Dow ended the day up 161.35 points or 0.4 percent at 43,239.05, while the Nasdaq crept up 6.53 points or less than a tenth of a percent to 18,373.61 and the S&P 500 edged down 1.00 point or less than a tenth of a percent to 5,841.47.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan’s Nikkei 225 Index rose by 0.2 percent, while China’s Shanghai Composite Index surged by 2.9 percent and Hong Kong’s Hang Seng Index spiked by 3.6 percent.

Meanwhile, the major European markets are turning in a mixed performance on the day. While the U.K.’s FTSE 100 Index is down by 0.2 percent, the German DAX Index is up by 0.4 percent and the French CAC 40 Index is up by 0.7 percent.

In commodities trading, crude oil futures are slipping $0.15 to $70.52 a barrel after rising $0.28 to $70.67 a barrel on Thursday. Meanwhile, after climbing $16.20 to $2,707.50 an ounce in the previous session, gold futures are jumping $23.40 to $2,730.90 an ounce.

On the currency front, the U.S. dollar is trading at 149.84 yen versus the 150.21 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0855 compared to yesterday’s $1.0831.

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