MARKET SNAPSHOT: U.S. Stocks Poised For Strong Weekly Gains, Led By Tech

By Victor Reklaitis, MarketWatch

Google shares jump premarket after earnings report

U.S. stocks looked on pace to end their upbeat week with muted action on Friday, with technology stocks set to take the lead as shares of Google Inc. rose in premarket trading on the heels of blockbuster results.

The stock market has rallied this week as fears about Greece's debt crisis have receded, and as Federal Reserve Chairwoman Janet Yellen and other central bankers have worked to reassure investors.

S&P 500 futures were last down 1.40 point to 2,115.50, while those for the Dow Jones Industrial Average dipped by 26 points to 17,994.

Nasdaq-100 futures bucked the negative trend, rising 10.50 points, or 0.2%, to 4,608.25.

For the week, the S&P 500 is on track for a 2.3% gain as of Thursday's close, meaning the benchmark would snap a three-week losing streak. The Dow is eyeing a 2% advance and second-straight up week, while the Nasdaq is up 3.3%.

On Thursday, U.S. stocks climbed (http://www.marketwatch.com/story/wall-street-set-for-higher-open-after-greek-vote-2015-07-16) as the Nasdaq closed at a record high and Netflix Inc.(NFLX) shares soared 18%.

What strategists are saying: As second-quarter earnings continue to come out, traders should be "riding the trend here as the bulls will continue to pay up for these earnings," said Chris Weston, chief market strategist at IG, in a note on Friday.

Weston added: "It seems only a matter of time before the S&P 500 joins the NASDAQ in making a new all-time high in my opinion."

Other strategists are sounding worried, especially by the aggressive buying of tech stocks. "The trading action in the US Equity market in the past 24 hours is the type that prompts flashbacks to the equity bubble blow off in early 2000," said Mike O'Rourke, JonesTrading's chief market strategist, in a note.

Friday's economic news: Investors on Friday will take in a fresh reading for a consumer price index at 8:30 a.m. Eastern, with economists polled by MarketWatch predicting a 0.3% rise for June. A report on June housing starts is expected at that same time, and forecasts are for 1.11 million starts and 1.18 million permits.

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At 10 a.m. Eastern, a consumer sentiment figure is forecast to come in at 95.0. Also at that time, Fed Vice Chairman Stanley Fischer is slated to speak at the U.S. Chamber of Commerce.

Individual movers & shakers: Shares in Google Inc.(GOOGL) (GOOGL) were rising in thin premarket action after the tech giant's adjusted quarterly profit beat Wall Street's forecasts late Thursday.

General Electric Co.(GE) and Honeywell International Inc.(HON) also are poised to grab the spotlight, with their earnings reports due before the opening bell.

Other markets:Chinese shares (http://www.marketwatch.com/story/china-shares-edge-higher-2015-07-17) capped the week with a two-day rally, as the scramble by officials in that country to support stocks seems to have taken hold. European stocks showed little change but were still headed for their best weekly finish since January and the announcement of the European Central Bank's quantitative easing program.

Brent crude gained 0.3%, while the U.S. oil benchmark was roughly flat.

Read more in Friday's Movers & Shakers column (http://www.marketwatch.com/story/general-electric-honeywell-google-in-spotlight-2015-07-16)

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