U.S. stock futures edged up toward record highs on Friday, as traders continued to bet that corporate profits will remain unsullied by supply-chain pressures.

What’s happening

Futures on the Dow Jones Industrial Average
YM00,
+0.19%

rose 45 points, or 0.1%, to 35874

Futures on the S&P 500
ES00,
+0.15%

rose 5 points, or 0.1%, to 4648

Futures on the Nasdaq 100
NQ00,
+0.21%

rose 32 points, or 0.2%, to 16054

On Thursday, the Dow Jones Industrial Average
DJIA,
-0.44%

fell 159 points, or 0.44%, to 35921, after disappointing results from Walt Disney Co.
DIS,
-7.07%
,
but the S&P 500
SPX,
+0.06%

increased 3 points, or 0.06%, to 4649, and the Nasdaq Composite
COMP,
+0.52%

gained 82 points, or 0.52%, to 15704.

What’s driving markets

The stock market quickly got over its concerns over data released Wednesday showing accelerating inflation.

The Bank for International Settlements predicted this week that bottlenecks should ease and that the direct inflationary effect will likely be limited. That tracks the view of the bond market, where yields remain contained despite consumer prices surging to the highest level in 31 years.

“Equity markets seem caught between opposing forces. Record low real yields, a frenzy in corporate buybacks, and fresh fiscal stimulus are colliding with fears over fading central bank liquidity, a slowdown in earnings next year, and weaker growth in China,” said Marios Hadjikyriacos, senior investment analyst at XM.

The economics calendar includes job openings data for September — which will provide the latest update for what’s been dubbed the Great Resignation, the trend of rising quits — as well as preliminary consumer sentiment data for November.

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