Stocks edged higher in early trading Friday as investors continue to pin their hopes on some form of fiscal stimulus from Washington.
Earlier this week President Donald Trump called off talks between lawmakers, saying in a tweet that stimulus could get down after the U.S. election. The tweet sent markets south and Trump has appeared to reverse course since then, favoring more targeted stimulus measures. House Speaker Nancy Pelosi has said she would support a more limited stimulus but only if it was done in conjunction with a broader bill. Still, few expect any stimulus to pass before the Nov. 3 election.
Futures for the Dow Jones Industrial Average climbed 124 points, or 0.4%, matching gains in S&P 500 and Nasdaq Composite futures. Oil slid with the price of West Texas Intermediate crude down 0.9% and Brent crude off by 0.9%.
Xilinx (ticker: XLNX) shares climbed 17% in premarket trading following a Wall Street Journal report that said Advanced Micro Devices (AMD) is in advanced talks to buy the chip maker in a $30 billion deal.
NXP Semiconductors (NXPI) shares popped nearly 6% premarket after raising its outlook for the recently ended quarter. The “significant improvement” in the outlook was due in part to increased demand in its automotive and mobile markets.
Gilead Sciences (GILD) shares climbed 2.2% premarket Friday after releasing final data from its remdesivir anti-viral treatment. Data show that patients who took the drug recovered five days faster than those who took a placebo.
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