Business

S&P 500 futures rise for seventh straight day

(Reuters) – The S&P 500 futures rose for a seventh straight day on Friday as the prospect of super low interest rates for a prolonged period spurred risk appetite, with focus shifting to monthly personal consumption data for signs of an economic rebound.

The Federal Reserve on Thursday unveiled a plan to support inflation and restore the economy to full employment, adding to optimism from medical progress to tackle the COVID-19 pandemic.

In the previous session, the Dow briefly turned positive on the year, while the S&P 500 closed at a record level even as the U.S. economy struggles to recover from the biggest downturn since the Great Depression.

Data due at 8:30 a.m. ET is likely to show personal consumption ticked up in July even as income fell.

The S&P 500 and the Nasdaq are on track for their fifth consecutive week of gains, but the Dow is still about 3.6% from its February all-time high.

In further proof that technology companies are booming in the pandemic, business software provider Workday Inc (WDAY.O) jumped 11.2% in premarket trading after raising its annual subscription forecast.

Dell Technologies Inc (DELL.N) gained 4.5% after reporting quarterly profit that beat expectations as remote working and online learning boosted demand for its notebooks and software products.

At 6:20 a.m. ET, Dow e-minis 1YMcv1 were up 80 points, or 0.28%. S&P 500 e-minis EScv1 were up 5.25 points, or 0.15% and Nasdaq 100 e-minis NQcv1 were down 26.25 points, or 0.22%.

Cosmetics retailer Ulta Beauty Inc ULTA.N jumped 15.1% after posting quarterly profit ahead of market expectations.

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