US stocks managed to recover by midsession on Friday after initially being dragged lower by oil prices nursing two-month lows.
The market bellwether S&P 500 index was up 0.3% at 2,171.
The US oil benchmark WTI was down 2% at $43.85, but had little impact on the bourse.
The S&P Midcap 400 was up 0.7% at 1,552, and led by the Boston Beer Company (NYSE:SAM), makers of the renowned Samuel Adams beer, was up 17.1% to $192.86 after posting forecast-beating second quarter earnings.
Boston Beer’s second-quarter earnings per share of $2.06 surpassed the Zacks Consensus Estimate of $1.97. However, earnings fell 5.5% year over year, mainly on account of a revenue decline, elevated general and administrative costs, and soft gross margin partly offset by lower advertising, promotional and selling expenses.
The S&P Smallcap 600 was up 0.7% at 742 and led higher by Gen Communication (NASDAQ:GNCMA).
Open
US shares were failing to move the needle much on Friday on thin volumes.
There were some earnings reports to keep the market busy but trading was muted.
The Dow Jones was down 19 at 18,496, while the S&P500 was down 0.03% to 2,164, while the Nasdaq, the tech heavy exchange, added just 0.06% to 5,077.
Notably the Dow though remains up 8% from its post-Brexit lows in late June, bolstered both by encouraging economic news and quarterly results that have largely exceeded expectations.
The maker of heating component parts Honeywell saw shares slide as it reported second-quarter revenue and profit gains but cut its revenue forecast for the year.
General Electric (NYSE:GE.) shares lost 2.4% despite it revealing better-than-expected earnings. However the group spoke of the current business environment as “a volatile and slow-growth" one.
Wall Street shares are set for a higher open with another rash of earnings expected after muted trading in Europe and a weak Asian session overnight.
The US stocks today are set for a return north and commentators say could see new fresh record levels.
The benchmark Dow close down 0.42% on Thursday at 18,517, while the Nasdaq shed 0.31% to 5,073 and the broader based S&P500 shed 0.36%.
Oil is now trading up 0.22% at US$44.84, while gold is 0.52% lower at US$1,324.
In futures trading, the Dow Jones is 14 ahead, while the S&P500 is four up and the Nasdaq is six points ahead
Starbucks (NASDAQ:SBUX) shares lost 2.8% in pre-market after the huge coffee chain reported slower sales growth in its latest quarter.
Companies reporting today include American Airlines (NYSE: AAL), General Electric (NYSE: GE), Honeywell (HON) and Moody's (NYSE: MCO).