US STOCKS-Futures edge higher on boost from J&J, tech stocks

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(For a Businesshala Live blog on the US, UK and European stock markets, click/ or type live/ in a news window.)

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* Futures up: Dow 0.30%, S&P 0.23%, Nasdaq 0.26%

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Nov 12 (Businesshala) – U.S. stock index futures rose higher on Friday as Johnson & Johnson and technology stocks edged higher on a weeklong end, deepening concerns over inflation.

All major US indices were set for a weekly decline of more than 1%, their first since the week ended October 1, as hot inflation numbers dented investor sentiment and halted an earnings-driven streak of record closing highs. .

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Johnson & Johnson jumped 4.7% in premarket trading after the drugmaker said it plans to break into two companies focused on its consumer health division and the larger pharmaceutical unit.

Shares of mega-cap technology and communications stocks also rose, including Google-owners Alphabet Inc, Tesla Inc, Microsoft Corp, Meta Platforms Inc, formerly known as Facebook, Apple Inc and Amazon.com.

Tesla’s top boss Elon Musk sold more shares of the electric carmaker, regulatory filings showed, after a poll posted on Twitter offloaded nearly $5 billion worth of stock.

As rising price pressures around the world have been a top concern for market participants, attention is now shifting to how consumer spending will be as the holiday shopping season approaches.

A survey on consumer sentiment from the University of Michigan in early November and the Labor Department’s monthly JOLTS report is due out at 10 a.m. ET.

At 06:48 a.m. ET, the Dow E-Minis was up 109 points, or 0.3%, the S&P 500 E-Minis was up 10.5 points, or 0.23%, and the Nasdaq 100 E-Minis was up 41.25 points, or 0.26%.

US-listed shares of Alibaba Group Holding slipped 0.4% after the e-commerce giant said its sales — or gross merchandise value — grew at the slowest rate ever during the Singles Day event, a headwind for China’s tech firms. underlined.

Biogen Inc. rose 2.1% after a late-stage study found that its Alzheimer’s drug EduHelm significantly reduced blood levels of an abnormal form of the protein tau.

Meanwhile, President Joe Biden and Chinese leader Xi Jinping are expected to hold a virtual summit on Monday, sources told Businesshala, amid tensions over trade, human rights and military activities. (Reporting by Devik Jain in Bengaluru; Editing by Arpan Varghese)

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