European Shares Likely To Open On Steady Note

(RTTNews) - European stocks may open on a firm note Friday after the Dow and the S&P 500 closed at record levels in the previous session.

U.S. earnings will be in the spotlight, with Broadcom shares falling nearly 5 percent in extended trading after the chipmaker projected a fall in quarterly margins due to a higher mix of AI revenue.

Lululemon shares soared 10 percent after the athletic apparel retailer boosted its full-year outlook and announced that its CEO will step down at the end of January.

Costco Wholesale shares were moving lower despite the discount retailer surpassing Wall Street estimates for first-quarter revenue and profit.

In economic news, U.K.'s October GDP data and speeches from Federal Reserve officials, including Anna Paulson, Beth Hammack and Austan Goolsbee may garner investor attention later in the day.

Eurogroup finance ministers will discuss support for Ukraine and use of frozen Russian assets during a two-day visit in Brussels, which includes meetings of the Economic and Financial Affairs Council (ECOFIN) and the Eurogroup.

The Bank of England meets next week, with the central bank widely expected to cut interest rates by a quarter point to 3.75 percent.

Asian markets were rising despite jitters about the outlook for the tech sector.

The U.S. dollar was on track for a third straight weekly loss, hovering near two-month lows following the Fed's less hawkish than expected outlook on rates.

Gold ticked lower after reaching a seven-week high in the previous session. Oil prices climbed after the U.S. reportedly seized an oil tanker off the coast of Venezuela and issued new sanctions targeting Venezuela.

U.S. stocks ended a choppy session mostly higher overnight, adding to Wednesday's rally after a divided Fed lowered rates for the third time this year and signaled a more gradual path of easing in the months ahead.

Economic reports proved to be a mixed bag, with weekly jobless claims increasing by the most in nearly 4-1/2 years last week while the trade deficit unexpectedly narrowed in September to the smallest since mid-2020.

The Dow jumped 1.3 percent and the S&P 500 inched up 0.2 percent to notch new records, while the tech-heavy Nasdaq Composite slipped 0.3 percent after Oracle's weaker than expected revenue and underwhelming guidance revived AI overspending worries.

European stocks closed higher on Thursday as investors reacted positively to the Federal reserve's rate cut and commentary.

The pan European Stoxx 600 surged 0.6 percent. The German DAX climbed 0.7 percent, France's CAC 40 added 0.8 percent and the U.K.'s FTSE 100 rose half a percent.