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US STOCKS-S&P 500 futures rise for seventh straight day

Published 08/28/2020, 07:00 PM
Updated 08/28/2020, 07:10 PM
WDAY
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* Futures: Dow up 0.28%, S&P up 0.15%, Nasdaq dips 0.22%

By Medha Singh
Aug 28 (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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