REUTERS: Wall Street was set to open higher on Friday as Disney and Cisco jumped after reporting upbeat results, but investors remained cautious at the end of a volatile trading week that saw record surges in coronavirus cases as well as increased hopes of an effective vaccine.
"We are finishing an extremely strong earnings season with an exclamation point on Disney's impressive earnings," said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina. The third-quarter earnings season is in its final stretch with about 90per cent of S&P 500 companies having reported so far, according to Refinitiv IBES data. Overall profit is expected to fall 7.8per cent from last year, a significant improvement from a 21.4per cent slump forecast on Oct. 1.Wall Street's major indexes broadly fell on Thursday as U.S. coronavirus cases jumped and investors weighed how fast an effective vaccine would be rolled out.
Positive data from a late-stage vaccine development earlier this week lifted demand for sectors that usually benefit from an upswing in the economy, such as financial and energy stocks, putting the S&P 500 and Dow on track for weekly gains.
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