Tech Surge Boosts Wall Street: Netflix and Nasdaq Lead the Way

Wall Street futures increased on Friday, driven by a rise in Nasdaq 100, as technology shares soared. Netflix's shares climbed 5.8% after surpassing subscriber expectations. Chinese company stocks rose following new banking initiatives, while the Dow and S&P 500 hit record highs. Treasury yields also edged up, influencing market trends.

Wall Street's future prospects brightened on Friday, propelled by gains in the Nasdaq 100 index as technology shares recorded widespread advances. Particularly noteworthy was Netflix, whose shares surged 5.8% in premarket trading after exceeding Wall Street's anticipations for subscriber growth and projecting continued momentum through year's end.

The formidable 'Magnificent Seven' stocks, which have significantly bolstered Wall Street's upward trajectory this year, all saw premarket increases, with Apple rising 1.1% as reports highlighted increased iPhone sales in China. Meanwhile, Nvidia, a leader in the chip sector, climbed 1.2%, continuing its upward trend following strong results from semiconductor company TSMC earlier.

In parallel, U.S. listings of Chinese enterprises jumped as central bank funding initiatives revitalized the equity market. Alibaba, JD.com, and PDD Holdings posted significant gains, contributing to the Dow and S&P 500 achieving fresh record highs. Despite looming stretched valuations, rising Treasury yields, and Fed's interest rate expectations, small-cap stocks like the Russell 2000 appeared set for prominent returns.

(With inputs from agencies.)