(RTTNews) - Stocks may move to the upside in early trading on Friday, extending the rally seen over the course of the previous session. The major index futures are currently pointing to a higher open for the markets, with the S&P 500 futures up by 0.3 percent.
Apple (AAPL) may help lead an extended advance on Wall Street, as the tech giant is surging by 3.6 percent in pre-market trading.
The jump by Apple comes after the company reported better than expected fiscal second quarter results and forecast revenues for the current quarter above analyst estimates.
Early buying interest may also be generated by an extended pullback by the price of crude oil, with U.S. crude oil futures tumbling by more than 2 percent.
U.S. crude oil futures showed a significant downturn on Thursday, slumping by 1.7 percent after reaching their highest levels in four years.
The continued decrease by crude oil prices comes after an Axios reporter said Iran has delivered its response to the latest U.S. amendments on the agreement to end the war through Pakistani mediators.
Not long after the start of trading, the Institute for Supply Management is scheduled to release its report on manufacturing activity in the month of April.
The manufacturing PMI is expected to inch up to 53.0 in April from 52.7 in May, with a reading above 50 indicating growth.
After seeing considerable volatility early in the session, stocks moved sharply higher over the course of the trading day on Thursday. The major averages all showed strong moves to the upside, with the Nasdaq and the S&P 500 reaching new record closing highs.
The major averages gave back some ground going into the end of the day but still posted strong gains. The Dow surged 790.33 points or 1.6 percent to 49,652.14, the S&P 500 jumped 73.06 points or 1 percent to 7,209.01 and the Nasdaq advanced 219.08 points or 0.9 percent to 24,892.31.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Friday, with several major markets closed for the day. Japan's Nikkei 225 Index rose by 0.4 percent, while Australia's S&P/ASX 200 Index climbed by 0.7 percent.
Meanwhile, most major European markets are closed for May Day, but U.K. stocks have moved to the downside. The U.K.'s FTSE 100 Index is currently down by 0.6 percent.
In commodities trading, crude oil futures are plunging $2.25 to $102.82 a barrel after tumbling $1.81 to $105.70 a barrel on Thursday. Meanwhile, after jumping $68.10 to $4,629.60 an ounce in the previous session, gold futures are falling $15.40 to $4,614.20 an ounce.
On the currency front, the U.S. dollar is trading at 156.52 yen versus the 156.57 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1763 compared to yesterday's $1.1730.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
