news/GOOG/2023.01.20/Nasdaq futures rise on Netflix boost.txt

(For a Reuters live blog on U.S., UK and European stock
markets, click or type LIVE/ in a news window.)*Futures: Nasdaq up 0.38%, S&P up 0.11%, Dow flatJan 20 (Reuters) - Nasdaq futures rose on Friday, after
Netflix kicked off the earnings season for the growth sector on
a positive note, but worries about a U.S. recession kept a lid
on sentiment.Shares of Netflix Inc jumped 5.7% in premarket
trading, after the streaming company added more subscribers than
expected in the fourth quarter and said co-founder Reed Hastings
was stepping down as chief executive.Netflix's quarterly update comes as the technology sector
faces gloomy prospects due to rising interest rates and economic
worries that have forced companies such as Microsoft Corp
and Amazon.com Inc to lay off thousands of
employees.Alphabet Inc was the latest to join the list as it
said it was cutting 12,000 jobs on Friday. Shares of the company
rose 1.7%.Wall Street's main indexes ended the previous session lower
after resilient labor market data renewed concerns the Federal
Reserve would continue its aggressive rate-hiking cycle that
could tip the economy into a recession.Recent commentary from various Fed officials has pointed to
a terminal rate above 5%, while the money market participants
still bet rates peaking at 4.9% by June and see a 93.7% chance
for a 25-basis point rate hike in February."We had encouraging data which showed inflationary pressures
falling, which suggests that the Fed may not have to tighten as
far or as aggressively. That is good for equities generally, but
if we're going to get a mild recession, that's not good for
earnings," said Stuart Cole, Equiti Capital's head
macroeconomist."Overall we're just seeing uncertainty being reflected in
the kind of mixed message we're getting from futures this
morning."On the earnings front, State Street Corp and Ally
Financial Inc will report their fourth-quarter results
later in the day.At 6:06 a.m. ET, Dow e-minis were down 7 points, or
0.02%, S&P 500 e-minis were up 4.5 points, or 0.11%, and
Nasdaq 100 e-minis were up 43.5 points, or 0.38%.The S&P 500 has lost 2.5% so far in the week and the
Nasdaq is down more than 2%. The Dow is down
3.67% and is on track for its worst week since September.Investors will monitor existing home sales data, which is
expected to show a moderation in the sales of existing homes in
December. The report is due at 10 a.m. ET.Also on the radar are comments from Philadelphia Fed
President Patrick Harker and Board Governor Christopher Waller.
(Reporting by Shreyashi Sanyal and Shubham Batra in Bengaluru;
Editing by Anil D'Silva)