Stock futures moved mostly higher on Friday, setting Wall Street to open at record highs after Thursday's session continued the markets' winning streak.
S&P 500 futures were up slightly, Dow Jones Industrial Average futures climbed 0.1%, and Nasdaq futures added 0.18%.
Wall Street bagged new records on Thursday as a broad rally in equities resumed. Thursday's close marked the fourth record close in a row for the Dow and the S&P 500's second. The Nasdaq also scored a record high. The Dow has closed at records 13 times since Election Day. The blue-chip index has crept to new records in the past few weeks as investors bet that President-elect Donald Trump's Cabinet picks would herald Wall Street-friendly moves.
Crude oil moved higher on Friday ahead of a weekend meeting among major oil-producing countries to strike an output cap deal. Organization of Petroleum Exporting Countries and non-OPEC countries will meet on Saturday in Vienna to discuss collaboration in a deal OPEC agreed to at the end of November. Non-OPEC members expected to be involved include Sudan, Russia, Azerbaijan, and Mexico. OPEC agreed to cut production by 1.2 million barrels a day and hopes non-OPEC members will agree to contribute a further cut of 600,000 barrels a day.
West Texas Intermediate crude was up 0.8% to $51.23 a barrel on Friday.
Coca-Cola (KO - Get Report) announced CEO Muhtar Kent would be stepping down May 1. He will remain chairman. James Quincey, president and chief operating officer, will take over as CEO of the giant beverage company. The stock rose 1.1% in premarket trading.
Restoration Hardware (RH - Get Report) tumbled 20% after lowering its full-year outlook on sluggish holiday sales. The furniture retailer anticipates full-year adjusted earnings of $1.19 to $1.29 a share, down from its previous target of $1.60 to $1.80. Restoration Hardware earned an adjusted 20 cents a share in its third quarter, 4 cents higher than forecast.
Broadcom (AVGO - Get Report) climbed more than 5% in premarket trading after providing an upbeat outlook for its current quarter. The tech company anticipates revenue of $4.075 billion with a $75 million leeway on either side. Analysts had anticipated current-quarter sales of $3.96 billion.
Vail Resorts (MTN - Get Report) moved lower before the bell after a weaker recent quarter tied to warmer November weather. Season pass sales climbed around 20% through to December 4 from the same period a year earlier. The ski resort company reported a loss of $1.70 a share over the recent quarter compared to a loss of $1.63 a share in the year-ago quarter.
Time Inc. (TIME) was stable in premarket trading after surging more than 7% in afternoon trading on Thursday. The magazine publisher rallied on reports it is open to takeover offers. The company has reportedly brought Morgan Stanley and Bank of America on board to assess bids.
Casino stocks, including Wynn Resorts (WYNN - Get Report) and Las Vegas Sands (LVS - Get Report) , were rebounding in premarket trading after slumping late Thursday afternoon. The sector had been under pressure on Thursday on reports Beijing regulators would crack down on ATM withdrawals in key gambling location Macau.
Autodesk (ADSK - Get Report) was upgraded to buy from hold at Canaccord Genuity The company had an upbeat analyst day and can materially grow free cash flow in the next several quarters, Canaccord said.
AstraZeneca (AZN - Get Report) was upgraded to outperform from market perform at Leerink Partners. Analysts said the pullback has created a buying opportunity and the company is the top pick in the sector for 2017.