U.S. Stocks May Add To Yesterday's Strong Gains In Early Trading

Following the substantial rally seen in the previous session, stocks may see further upside in early trading on Friday. The major index futures are currently pointing to a modestly higher open for the markets, with the S&P 500 futures up by 0.1 percent.Stocks may continue to benefit from the upward momentum sparked by AI darling Nvidia's (NVDA) upbeat earnings news, which propelled the Dow and S&P 500 to record highs on Thursday.Overall trading activity may be somewhat subdued, however, as traders take a breather following yesterday's surge.A lack of major U.S. economic data may also keep some traders on the sidelines ahead of the release of several key reports next week.The Commerce Department's report on personal income and spending is likely to be in focus next week, as it includes readings on inflation said to be preferred by the Federal Reserve.Traders are also likely to keep an eye on reports on durable goods orders, new home sales, consumer confidence and manufacturing activity.Among individual stocks, shares of Carvana (CVNA) are skyrocketing in pre-market trading after the used car care retailer reported its first-ever annual profit and provided upbeat earnings guidance for the current quarter.Entertainment company Live Nation (LYV) is also likely to see initial strength after reporting better than expected fourth quarter revenues.On the other hand, shares of Booking Holdings (BKNG) may come under pressure after the online travel company reported better than expected fourth quarter results but provided disappointing first quarter guidance.Stocks showed a substantial move to the upside during trading on Thursday, with the Dow and the S&P 500 reaching new record closing highs. The tech-heavy Nasdaq had also been poised to set a closing high but ended the day just shy of its November 2021 record.The major averages held on to strong gains going into the close, ending the sharply higher. The Nasdaq skyrocketed 460.75 points or 3.0 percent to 16,041.62, the S&P 500 surged 105.23 points or 2.1 percent to 5,087.03 and the Dow jumped 456.87 points or 1.2 percent to 39,069.11.In overseas trading, stock markets across the Asia-Pacific region moved mostly higher, with the Japanese markets closed for a holiday. China's Shanghai Composite Index climbed by 0.6 percent, while Australia's S&P/ASX 200 Index rose by 0.4 percent.The major European markets have also moved to the upside on the day. While the French CAC 40 Index has advanced by 0.7 percent, the German DAX Index and the U.K.'s FTSE 100 Index are both up by 0.1 percent.In commodities trading, crude oil futures are tumbling $1.44 to $77.17 a barrel after climbing $0.70 to $78.61 a barrel on Thursday. Meanwhile, after slipping $3.60 to $2,030.70 an ounce in the previous session, gold futures are inching up $4.30 to $2,035 an ounce.On the currency front, the U.S. dollar is trading at 150.41 yen versus the 150.53 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0830 compared to yesterday's $1.0823. For comments and feedback contact: editorial@rttnews.comBusiness News