Stocks look set for a higher open as a bipartisan group of senators reached a deal on infrastructure spending.
Dow Jones Industrial Average futures have gained 76 points, or 0.2%, while S&P 500 futures have risen 0.2% and Nasdaq Composite futures have advanced 0.1%.
A group of 10 senators—from both parties—said they have reached an agreement for an infrastructure spending program. It would include $1.2 trillion in spending over the next 8 years and would not be financed with tax hikes. Not only would the plan potentially create jobs and some additional economic growth, but if there are ultimately no corporate tax hikes, corporate earnings would not take a hit.
“Futures are slightly higher on some mild infrastructure optimism,” writes Tom Essaye, founder of Sevens Report Research.
Here are five stocks making moves in Friday’s premarket action:
AMC Entertainment Holdings (ticker: AMC), one of the most popular “meme stocks,” rose 6%.
Biogen (BIIB) stock gained 1.4% after getting upgraded to Outperform from Market Perform at Alliance Bernstein.
International Paper (IP) stock rose 1% after getting upgraded to Buy from Hold at Argus.
Seagate Technology Holdings (STX) stock gained 0.5% after getting upgraded to Neutral from Negative at Susquehanna.
Vertex Pharmaceuticals (VRTX) stock dropped 14% after the company halted development of a drug that would treat a genetic disease.
Write to Jacob Sonenshine at [email protected]
