Stocks look to snap 4-day losing streak, oil nears $70

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Lebenthal Global Advisors President Dominick Tavella argues a number of factors contribute to slowing U.S. economic growth.

U.S. stock futures were pointing to a higher open Friday as the Dow Jones Industrial Average and the S&P 500 index looked to snap four-day losing streaks. 

Dow futures were trading higher by 169 points, or 0.48%, while S&P 500 futures and Nasdaq 100 futures gained 0.42% and 0.45%, respectively. 

The early gains come ahead of the release of the producer price index report for August, which is expected to show prices rose 0.6% month over month. 

In stocks, energy-related names, including Chevron Corp., ExxonMobil Corp. and Kinder Morgan Inc., gained as West Texas Intermediate crude oil climbed $1.18 to $69.32 a barrel. WTI crude has not closed above $70 since Aug. 3. 

Elsewhere, Moderna Inc. will over the next few weeks seek global approval to give its vaccine to children as young as 5 years old, according to a report from Der Spiegel, citing the firm’s top two executives. 

Wells Fargo & Co. agreed to pay a $250 million fine tied to its mortgage business. 

In earnings, American Outdoors Brand Inc. reported earnings and revenue that exceeded Wall Street estimates and reaffirmed its outlook for the current fiscal year.

Kroger Inc. is scheduled to report its quarterly results ahead of the opening bell. 

Overseas markets were in rally mode. 

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European bourses all gained with Britain’s FTSE 100 rising 0.4% while Germany’s DAX 30 and France’s CAC 40 

In Asia, Hong Kong’s Hang Seng index surged 1.91%, Japan’s Nikkei 225 advanced 1.25% and China’s Shanghai Composite edged up 0.27%.

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