Stock futures rise as S&P 500 aims for winning week

Stock futures were higher Friday as the S&P 500 attempted to snap a seven-week losing streak.

Futures on the Dow Jones Industrial Average climbed 34 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures gained 0.3% and 0.5%, respectively.

The Dow, S&P 500 and Nasdaq Composite are on track to close the week higher. The Dow is up 4.4%, the S&P 500 is 4% higher and the Nasdaq is up 3.4% on the week. A chunk of those gains came Thursday, when all three of the averages rallied as strong retail earnings lifted sentiment.

Still, the averages are well off their highs, with the Nasdaq Composite solidly in bear market territory and the S&P 500 having briefly dipped more than 20% below its record last week.

The Nasdaq after Thursday’s close is down 27.6% from its record, while the S&P 500 and Dow are off by 15.8% and 11.7%, respectively.

“We think there’s a good chance for some more strength here. This is sort of a classic bear market rally or bounce off the bottom,” Troy Gayeski, chief market strategist for FS Investments, told CNBC’s “Closing Bell: Overtime” on Monday. “Inflation expectations have rolled over recently.”

Investors on Friday continued to parse through retail earnings. Ulta Beauty shares were up about 8% in the premarket after the company reported better-than-expected quarterly results, while Gap sunk nearly 20% after slashing its profit guidance.

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A slew of data is set for release Friday, including personal income, consumer spending and core personal consumption expenditures.

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