US stock futures rose Friday, putting the S&P 500 Index on track to post the longest winning streak in more than 20 years after a government report showed buoyant hiring in April, providing evidence of resilience in an economy beset by trade pressures.
Contracts on the S&P 500 rose 0.9% as of 8:43 a.m. in New York. The Nasdaq 100 futures gained 0.8%, while the Dow Jones Industrial Average futures added 0.8%.
The US economy added 177,000 jobs last month, higher than the 138,000 gain expected by economists and a sign the labor market remains healthy. The jobless rate held at 4.2%.
Elsewhere, Magnificent Seven stocks were mixed in premarket trading after reports from Apple Inc. and Amazon.com Inc. Apple fell 3.14%% as sales from China declined more than anticipated in the latest quarter, overshadowing otherwise solid results for the iPhone maker. Amazon gave a weaker-than-expected forecast for operating profit in the current quarter, pointing toward tariffs and trade policies that may cause consumers to pull back on spending. The stock is down 0.952%
Among other single-stock movers, Chevron Corp. was down 1.62% after announcing a reduction of share buybacks this quarter after oil prices tumbled, indicating that President Donald Trump’s trade war is hurting a key US industry he pledged to help. Meanwhile, Exxon Mobil Corp. gained 1.13% after meeting earnings estimates thanks to higher production from low-cost projects such as Guyana and the Permian that allow the oil giant to maintain its share buybacks despite the recent drop in crude prices.
US-listed Chinese stocks rose as Beijing said it is assessing the possibility of trade talks with the US, the first sign since Donald Trump hiked tariffs last month that negotiations could begin between the two sides.
China has quietly started to exempt some US goods from tariffs that likely cover around $40 billion worth of imports with a list of exempted US products covering 131 items like pharmaceuticals and industrial chemicals has been circulating among traders and businesses over the past week.
