Stock futures inch higher after earnings, economic data lift S&P 500 to records: Live updates

Stock futures inched higher early Friday after a batch of earnings and economic reports pushed the S&P 500 to a record close.

S&P 500 futures added 0.24%, while Nasdaq 100 futures inched up 0.23%. Futures linked to the Dow Jones Industrial Average added 115 points, or 0.26%.

Shares of streaming giant Netflix fell more than 1% in extended trading following its latest quarterly results. The company posted an earnings and revenue beat for the second quarter and raised its full-year revenue forecast.

The moves come after Wall Street saw a winning day. The S&P 500 finished 0.5% higher, closing at a new record after hitting an all-time high during the session. The Nasdaq Composite gained about 0.7%, also reaching fresh intraday and closing records. The Dow climbed 0.5%.

The broad market, along with the other two major averages, is currently on pace for a positive week, bolstered by optimism surrounding the latest earnings results. On Thursday, PepsiCo and United Airlines shares both popped after the respective companies beat analyst estimates on earnings. Those follow solid results from big banks like JPMorgan and Goldman Sachs earlier in the week.

The index also moved higher on notable economic data, which signaled that the U.S. economy was holding up. Initial jobless claims for the week ending July 12 decreased from the prior week, and June's retail sales reading surpassed expectations.

“I think this market deserves the benefit of the doubt, and what got you here is still the growth sectors,” Keith Lerner, co-chief investment officer and chief market strategist at Truist, said on CNBC's “Closing Bell.” “You put that together with also today the economic data showing the economy may be cooling, but it's certainly not collapsing.”

“We would stick with the underlying trend, which still seems positive in our world,” he continued.

Investors are looking ahead to more earnings reports due out Friday. That includes 3M and American Express, both slated for release before market open.

Meanwhile, on the economic front, the Street is eyeing the preliminary reading for July consumer sentiment data. Economists polled by Dow Jones are expecting that to show a reading of 61.8, up from the prior reading of 60.7.

The major averages are on pace for positive weeks, with the S&P 500 up 0.6% through Thursday's close and the 30-stock Dow on track for a 0.3% advance. The Nasdaq is the outperformer, heading for a 1.5% gain.

U.S. exceptionalism has peaked, says investor Tim Seymour

Investor Tim Seymour believes that the trend of global assets outperforming will continue going forward.

While the S&P 500 has added around 7% year to date, Seymour said that “the real money has been made overseas.”

“Some of the trends … that have made the U.S. exciting, I think some of those trends are alive and well around the world,” the founder and chief investment officer of Seymour Asset Management said on CNBC's “Power Lunch” Thursday afternoon. “I'm not here to tell you U.S. exceptionalism is over, but I think it's peaked.”

The investor added that as the world becomes increasingly isolationist, individual countries will begin to matter more.

Stocks moving in extended trading

Here are a few of the names that are posting big moves in after-hours action.

Norfolk Southern – Shares of the railway company jumped 4% after The Wall Street Journal, citing people familiar with the matter, reported that Union Pacific is in talks to acquire Norfolk Southern. Union Pacific shares were little changed in extended trading, but CSX climbed 2% in sympathy.

Interactive Brokers – The broker posted second-quarter results that surpassed analysts' expectations. Adjusted earnings for the period came in at 51 cents per share on adjusted revenue of $1.48 billion. LSEG consensus estimates sought 46 cents per share and revenue of $1.36 billion. Shares jumped more than 4%.

Netflix – The streaming giant slipped almost 2%. Netflix beat analysts' estimates on the top and bottom lines in the second quarter. Revenue for the period – coming in at $11.08 billion – only narrowly topped Wall Street's call for $11.07 billion, per LSEG.

Bank OZK – Shares of the regional bank advanced 2%. Bank OZK posted net interest income of $396.7 million in the second quarter, topping the StreetAccount consensus call for $388.5 million. Earnings of $1.58 per share for the period also beat the Street's estimate of $1.53 per share.

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Futures open flat on Thursday evening

U.S. stock futures were little changed shortly after 6 p.m. ET on Thursday.

Futures tied to the S&P 500 were marginally lower, as were Nasdaq 100 futures. Dow Jones Industrial Average futures added just 6 points.

The action comes after a winning day for the three major averages, in which the S&P 500 and Nasdaq Composite hit fresh records on an intraday and closing basis.

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