US Stock Futures and Market Overview

US stock futures were muted on Friday as investors digested corporate earnings and growth data from China. Netflix's quarterly income exceeded estimates, emphasizing profit over subscriber growth. Gold reached an all-time high, along with a rise in Bitcoin due to safe haven demand.

1. Futures Muted

US stock futures wavered around the flatline on Friday after a mixed session on Wall Street.

As of 03:31 ET (07:31 GMT):
– Dow futures dipped 30 points (0.1%)
– S&P 500 futures added 4 points (0.1%)
– Nasdaq 100 futures rose 33 points (0.2%)

Healthcare stocks faced challenges, particularly with Elevance Health lowering its profit outlook, leading to declines for Molina Healthcare and Centene Corp. Meanwhile, chipmakers like Micron Technology and Broadcom advanced due to solid results from Taiwan Semiconductor Manufacturing Co., though losses were seen in freight firm CSX and Lululemon Athletica.

By the end of the trading day, the S&P 500 inched down slightly while the Nasdaq Composite rose and the Dow gained 161 points (0.4%).

2. Netflix Posts Most Profitable Quarter Ever

Netflix reported stronger-than-expected quarterly income, focusing more on profitability rather than subscriber growth. It added 5.07 million subscribers in Q3, down from 8.76 million a year prior but surpassing Wall Street estimates.

The earnings per share were at $5.40, with revenues rising to $9.83 billion, both exceeding projections. Although net income is expected to dip in the current quarter, Netflix plans price increases in Italy and Spain to enhance revenue.

3. Chinese Economy Grows 4.6% in Third Quarter

China's economy grew 4.6% year-on-year in Q3, slightly slowing from the previous quarter, marking the lowest growth rate in 18 months. The sluggish growth highlighted challenges for Beijing as it seeks to stimulate the economy amidst weak private spending and a depressed property market.

While Chinese equities showed initial dips post-data release, losses were reversed later when the People's Bank of China unveiled new lending initiatives to boost equity purchasing.

4. Gold Touches Record High

Gold prices surged to record highs in Asia, fueled by strong safe-haven demand amid economic uncertainty and geopolitical tensions. Spot gold rose by 0.4% to $2,706 per troy ounce, with futures also increasing. Bitcoin similarly benefited from market conditions.

5. Oil Rises

Oil prices ticked higher but are projected for their largest weekly loss in over a month due to demand concerns. As of 03:32 ET, Brent crude rose 0.3% to $74.66 per barrel, while WTI crude increased by 0.3% to $70.89. Both benchmarks had their first rise in five sessions, although they remain on track for a significant weekly decline due to economic worries in China.