Stock futures flat as S&P 500 heads for fifth straight week of gains

Stock futures flat as S&P 500 heads for fifth straight week of gains

Stock futures were little changed on Friday morning as the S&P 500 looked to be having another positive week.

Futures for the S&P 500 were flat. Futures tied to the Nasdaq 100 and the Dow Jones Industrial Average were also little changed.

The three major moving averages closed marginally higher on Thursday, putting the Dow and S&P 500 on course for a potential week of gains. The S&P 500 is up just 0.08%, but that would still be the fifth consecutive positive week. The Dow is up 0.71% for the week and on course for its fourth positive week in five.

The Nasdaq Composite is down 0.63% this week.

While Wall Street has seen relatively muted movement this week, it follows a solid rally since mid-June.

“The market is consolidating a bit this week, a bit flip-flops. …I think this is still a healthy market,” said Frank Gretz, a technical analyst at Wellington Shields, citing solid pre-down ratios over the past few weeks.

No major economic reports are due on Friday, but investor sentiment could be boosted by a better-than-expected earnings report and an upbeat outlook from semiconductor equipment maker Applied Materials on Thursday night. The company’s shares rose about 2% in extended trading.