Stock futures were little changed on Thursday evening as the S&P 500 looked to grind out another positive week.
Futures for the S&P 500 were flat. Futures tied to the Nasdaq 100 the Dow Jones Industrial Average were also little changed.
The three major averages closed marginally higher on Thursday, putting the Dow and S&P 500 on track for a potential winning week. The S&P 500 is up just 0.08%, but that would still be its fifth straight positive week. The Dow is up 0.71% for the week, on track for its fourth positive week in five.
The Nasdaq Composite is down 0.63% for the week.
While this week has seen relatively muted moves on Wall Street, it comes on the heels of a solid rally since mid-June.
“The market is doing a little consolidating this week, a little flip-flopping. … I think this is still a healthy market,” said Frank Gretz, a technical analyst at Wellington Shields, citing solid advance-decline ratios in recent weeks.
There are no major economic reports due out on Friday, but investor sentiment may be buoyed by a better-than-expected earnings report and upbeat outlook from semiconductor equipment company Applied Materials on Thursday evening. Shares of the company were up about 2% in extended trading.
Market veteran Nancy Tengler says talk of a new bull market is premature, as she names the “reliable” stocks she likes right now.
“I think this rally has been excellent,” Tengler, who is CEO and chief investment officer of Laffer Tengler Investments, told CNBC “Squawk Box Asia” last week. “But I don’t think we’re off and running in a new bull market.”
She named several tech stocks that she thinks are “more reliable growers” — companies with a proven track record of growing earnings and dividends.
