Nasdaq stock futures rose on Friday after strong results from Google and after data showed new-home construction climbed in June to the second-highest level since November 2007.
Nasdaq-100 futures showed the most spark, rising 0.5 percent to 4,619.25. S&P 500 futures were a point higher at 2,118.50, while those for the Dow Jones Industrial Average were off by 12 points at 18,008.
The Nasdaq Composite rose 1.3 percent yesterday. The S&P 500 closed 0.3 percent below its record and is on course for its biggest weekly gain in four months, up 2.3 percent.
DATA:
Home builders ramped up construction in June and laid the groundwork for an even busier fall. Housing starts rose 9.8 percent in June to a 1.17 million annualized rate from an upwardly revised 1.07 million in May. Building permits for single and multifamily properties, a gauge of future construction, climbed to an almost eight-year high.
Another report showed the cost of living rose in June for the fifth consecutive month, paced by increases in rents that are helping nudge inflation toward the Federal Reserve’s goal. The consumer-price index climbed 0.3 percent after rising 0.4 percent in May, a Labor Department report showed, equaling the median forecast of economists surveyed by Bloomberg.
The University of Michigan's preliminary July reading on the overall index on consumer sentiment is expected to stay unchanged at 96.1. The data is due at 10 a.m.
MOVERS:
Google (NASDAQ:GOOGL) jumped 13 percent after the search engine company’s profit beat forecasts for the first time in six quarters and the company said it would be more disciplined on spending.
General Electric (NYSE:GE) rose 1.6 percent after the conglomerate raised its 2015 outlook for its industrial manufacturing businesses.
Honeywell (NYSE:HON) gained 2.3 percent after the U.S. manufacturer of aerospace parts and climate control systems reported a 9 percent rise in quarterly profit.
Hertz Global Holdings (NYSE:HTZ) surged 14.2 percent after the rental-car company said it finished restating more than two years of financial results and expects to reach annualized cost savings of $300 million by year-end, $100 million more than its goal.
SolarWinds (NYSE:SWI) slipped 12 percent as Robert W. Baird & Co. downgraded the company’s stock to “neutral” from “outperform” after the provider of management software cut its revenue forecast.
SunTrust Banks (NYSE:STI) added 1.2 percent. The bank earned an adjusted $0.86 per share for its latest quarter, $0.05 above estimates, with revenue also beating forecasts.
Mattel (NASDAQ:MAT) added 0.4 percent. The toy maker surprised the Wall Street with an adjusted quarterly profit of $0.01 per share, compared to consensus estimates of a loss of $0.04 per share.
COMMODITIES:
Spot gold was down 0.2 percent at $1,142.86 an ounce, just above yesterday's trough of $1,142.10, its lowest since November 2014.
Brent crude was up 9 cents at $57.01. Front-month U.S. crude futures were trading at $50.83 per barrel, down $0.08 from their last settlement.