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Stocks are set for a higher open as investors assess better-than-expected news about retail sales.
Futures on the
Dow Jones Industrial Average
gained 54 points, or 0.15%, while those on the
S&P 500
and the
Nasdaq Composite
both rose 0.25%
Retail sales for June rose 0.6% from May, while economists had expected a decline of 0.4%. Sales had fallen 0.7% sequentially in May. Investors want affirmation that economic growth isn’t being meaningfully held back by supply shortages.
“It’s all about retail sales tomorrow,”
Louis Navellier,
founder and chief investment officer at Navellier & Associates said on Thursday.
Here are five stocks making moves in Friday’s premarket action:
Moderna (MRNA) stock rose 7.7% as it will join the S&P 500.
Alcoa
(AA) stock rose 2% after the aluminum producer reported a profit of $1.49 a share, beating estimates for $1.29 a share. Sales were $2.83 billion, above expectations for $2.65 billion.
Cummins (
CMI
) stock gained 1.3% after getting upgraded to Outperform from Market Perform at Cowen.
Olin (OLN) stock rose 1.4% after getting upgraded to Buy from Neutral.
Zoetis
(ZTS) stock dropped 1.6%. Raymond James downgraded the shares to Market Perform from Outperform.
Write to Jacob Sonenshine at [email protected]