US stock futures traded slightly higher on Friday, October 16, as investors assessed concerns around artificial intelligence trade financing. While the Dow gained, the S&P 500 and Nasdaq remained on track for weekly losses. Many investors now look ahead to a busy week of corporate earnings from Netflix and Tesla.
US stock futures traded slightly higher on Friday, October 16, as investors assessed concerns around artificial intelligence (AI) trade financing and looked ahead to a fresh batch of corporate earnings next week.
However, the S&P 500 and Nasdaq remained on track to end the week lower following a sell-off in semiconductor stocks earlier in the week.
Futures tied to the S&P 500 rose 0.2%, while Dow Jones Industrial Average futures gained around 0.3%. Nasdaq-100 futures edged slightly lower, with contracts for the three major indexes mixed in early trading.
On Thursday, all three major US stock indexes closed higher. For the week, however, the S&P 500 and Nasdaq were headed for losses, while the Dow was on track to gain around 1%.
Tesla rises, Netflix names new content chief
Tesla shares rose 3% after the electric vehicle maker unveiled its next-generation Roadster. However, the model is not expected to enter production until 2028.
Netflix named former Disney executive Peter Rice as its chief content officer on Thursday, effective October 26. He will replace Bela Bajaria, who is leaving the company after nearly a decade, including a stint leading its global content operations.
In another corporate development, KFC signed Coca-Cola as its beverage partner for US outlets on Thursday, ending a nearly four-decade relationship with PepsiCo, Reuters reported.
The change could be a setback for PepsiCo as it seeks to revive soda sales in the US while its snacks business faces pressure from high prices and shifting consumer preferences towards healthier options, Reuters reported.
Inflation, energy prices in focus
Investors are also assessing persistent inflationary pressures, with elevated energy prices following the US-Iran war adding to concerns over the economic outlook.
Wholesale inflation recorded its biggest monthly increase since 2022 this week, while consumer inflation remained well above the Federal Reserve’s 2% target.
The inflation data could complicate the outlook for monetary policy as investors assess the impact of energy costs on prices and economic growth.
Netflix, Tesla, Meta earnings ahead
Investors will turn their attention to another busy week of corporate earnings, with Netflix, Tesla and Meta Platforms among the major companies scheduled to report results next week.