Updated from 7:36 a.m. ET on Friday, June 30.
Stock futures were higher on Friday, June 30, in a rebound after tech and broader markets suffered steep declines.
S&P 500 futures were up 0.17%, Dow Jones Industrial Average futures climbed 0.16%, and Nasdaq futures added 0.11%.
A tech selloff on Thursday, June 29, erased the Nasdaq's month-to-date gains and laid the groundwork for the first negative month since October 2016. The Nasdaq index was still on track to close out the second quarter with gains of around 5%.
The dive in tech stocks was the latest in a series of selloffs that has plagued the sector in recent weeks. The Technology Select Sector SPDR ETF (XLK) - Get Report fell 3.1% on Thursday. The ETF has fallen 2.7% since the beginning of the month, dropping more than 1% on three days.
Tech names, particularly the FAANG stocks (Facebook Inc. (FB) - Get Report , Amazon.com Inc. (AMZN) - Get Report , Apple Inc. (AAPL) - Get Report , Netflix Inc. (NFLX) - Get Report , and Alphabet Inc. (GOOGL) - Get Report ), have been under pressure after a steep run-up year to date. The FAANG stocks had contributed a hefty portion to the S&P 500's gains in the period.
Crude oil prices were higher Friday ahead of a weekly rig count from Baker Hughes. The number of active U.S. rigs drilling for oil in the last count for June 23 rose by 11 to 758, according to Baker Hughes data. The number of active rigs has risen for the past 23 weeks in a row.
West Texas Intermediate crude was up 0.6% to $45.18 a barrel on Friday.
Personal incomes in the U.S. rose in May, according to the latest reading from the Bureau of Economic Analysis. Incomes rose by 0.4%, up 10 basis points from April's growth. Economists expected incomes to rise by 0.3%. Consumer spending increased 0.1%, while the savings rate climbed to 5.5% from 5.1%.
The economic calendar in the U.S. on Friday also includes Chicago PMI for June at 9:45 a.m. ET, and the final reading on consumer sentiment from the University of Michigan at 10 a.m.
It's the final week of the second quarter and benchmark indexes are expected to post solid gains. Strong fundamentals and a positive earnings season have given markets a boost over the past three months even as volatility held at multi-year lows.
Nike Inc. (NKE) - Get Report increased more than 6% in premarket trading on Friday after the athletic footwear and apparel giant reported earnings that topped Wall Street forecasts. The company also confirmed an agreement with Amazon.com Inc. (AMZN) - Get Report to sell certain products on the e-commerce conglomerate's website.
Earnings in Nike's fiscal fourth quarter were 60 cents a share on revenue of $8.7 billion, beating estimates for earnings of 50 cents on revenue of $8.6 billion.
Chipmaker Micron Technology Inc. (MU) - Get Report rose nearly 2% after posting better-than-expected earnings. Fiscal third-quarter adjusted earnings of $1.62 a share topped forecasts by 10 cents. Revenue in the quarter was $5.57 billion, up from $2.9 billion a year earlier and above analysts' estimates of $5.4 billion. Micron forecast better-than-expected profit and revenue for the fiscal fourth quarter.
Bank of America Corp. (BAC) - Get Report gained 1% on Friday after Warren Buffett's Berkshire Hathaway Inc. (BRK.B) - Get Report announced plans to purchase 700 million shares. Berkshire will exercise its warrants, putting the price per stock at roughly $7.14 a share. The 700-million-share holding would make Berkshire the largest shareholder with a stake of 7% of shares outstanding.
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