Stocks are set to rise for a second day with Dow futures up 160 points

Stocks are set to rise for a second day with Dow futures up 160 points

Stock futures edged higher early Friday after major averages rebounded from a three-day losing streak in the prior session, led by technology shares.

Futures on the Dow Jones Industrial Average indicated an opening gain of about 101 points. S&P 500 futures rose 0.3% and Nasdaq-100 futures added 0.2%.

Bitcoin, which shook markets earlier in the week with a 30% collapse, was stable for a second day around the $40,000 range. Major technology shares were set to continue their rebound. Tesla was higher by 2% in premarket trading. Netflix was also higher.

Gains were broad across sectors early Friday. Cruise lines gained after Carnival said some brands would resume cruises in July. Carnival added 1% in premarket trading.

Ford, which said Thursday it has 20,000 reservations for its new electric F-150 pickup, gained 1.7% in early trading. Home Depot shares rose 0.7% after the retailer announced a new $20 billion share buyback program.

In another sign of market confidence, new IPO Oatly, which jumped 18% on Thursday in its Nasdaq debut, was up 8% in premarket trading on Friday.

The move in futures followed a comeback day on Wall Street with the Dow gaining 186 points and the S&P 500 and Nasdaq composite ending the day 1.06% and 1.77% higher, respectively. Microsoft, Facebook and Alphabet all rose more than 1% while Netflix and Apple rallied more than 2% each.

Shares of Tesla and other speculative parts of the market bounced back as bitcoin prices recovered after a rollercoaster session Wednesday. A new pandemic-low in jobless claims also helped sentiment on Thursday.

Thursday’s “jobless claims improvement furthers our view the disappointing April jobs report was likely a blip rather than a sign of deceleration, and we anticipate meaningful labor market improvement in coming months,” said Scott Ruesterholz, a portfolio manager at Insight Investment.

Despite Thursday’s rebound, the Dow is down 0.9% in the past week, on track to see its fourth negative week out of the past five weeks. The S&P 500 is 0.4% lower on the week, on pace for its second negative week in a row. The Nasdaq Composite is up 0.8%, positioned to break a 4-week losing streak.

—CNBC’s Yun Li contributed to this report.

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