U.S. stock markets likely to have a muted opening Friday

Federal Open Market Committee

Stock futures little changed

U.S. stock futures are pointing to a quiet start on the last day of the week, as market participants continue to focus on the bombshell announcement that the Federal Reserve made on Wednesday, indicating it could begin tapering its stimulus earlier than previously assumed.

By 5:35 a.m. ET, Nasdaq 100 futures indicated a gain of 24.37 points, or 0.17% to 14,180.62. The blue-chip Dow futures and the S&P 500 futures were flat.

The Dow Jones Industrial Average closed Thursday’s session down 0.62% to 33,823.45. S&P 500 fell 0.044% to 4,221.86 while the Nasdaq Composite rose 0.87% to end at 14,161.35.

Adobe pops on earnings beat and solid guidance

Shares of Adobe (NASDAQ: ADBE) are rising after the software giant reported second-quarter results topped Wall Street expectations after the close on Thursday.

Adobe reported adjusted earnings of $3.03 per share in the quarter while revenue came in at $3.84 billion from the $3.13 billion reported in the same period last year. Analysts expected the company to post adjusted earnings of $2.81 a share and revenue of $3.73 billion, according to Refinitiv data.

Looking ahead, Adobe expects to post adjusted earnings of $3.00 per share on revenue of $3.88 billion in fiscal third quarter. Analysts see the company reporting adjusted earnings of $2.89 per share and revenue of $3.83 billion.

Adobe stock was marked $16.64, or 3.02% higher to $568 per share in the premarket trading session on Friday.

Crude futures tumble on strong dollar

On the commodities front, crude futures tumbled on Friday morning, pressured by the U.S. dollar which is strengthening after the Federal Reserve hinted it might hike interest rates as soon as next year.

Crude prices were also weighed by a report from the UK government, which showed that the country recorded 11,007 coronavirus cases on Thursday, its highest daily rise in new cases of virus since February 19.

As of 5:35 a.m. ET, U.S. West Texas Intermediate crude future were down 26 cents, or 0.37% to $70.78 a barrel. International Brent crude futures dropped 42 cents, or 0.57% to $72.66 a barrel.