(Bloomberg) — US stock futures ticked higher as a recovery in Big Tech looked set to extend Friday, thanks to results from Netflix Inc. that eclipsed Wall Street’s expectations.

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Contracts on the tech-heavy Nasdaq 100 rose 0.5%, as Netflix jumped 7% in US premarket trading. The streaming company beat expectations on key metrics, including subscriber additions in the third quarter. Apple Inc. rose as data showed China sales of its latest iPhone increased 20% in the first three weeks compared with the 2023 model.

Treasuries steadied from their heavy selling after a batch of strong data on the US economy Thursday recast expectations for interest-rate cuts. Stronger than forecast retail sales underscored how consumer spending continues to power the American economy, lessening the urgency for the Federal Reserve to unwind restrictive rate policy.

One beneficiary of the improving US economic narrative has been small-cap stocks. The Russell 2000 index touched a 2024 high this week as weakening inflation spurs bets the Fed has room to cut rates, albeit not by as much as previously thought.

Small caps are also getting a boost from the so-called Trump Trade, according to Bank of America Corp. strategist Michael Hartnett. In a note, he said there are signs investors are positioning for presidential victory by Donald Trump, moving into banks, small-cap stocks and the dollar, assets that rallied in November 2016 in the wake of his last successful run.

Bitcoin, another Trump Trade, closed in on a fresh record.

A broadening out of the stock rally beyond tech megacaps would be a development that Gene Salerno, chief investment officer at SG Kleinwort Hambros Ltd., said he’d welcome.

“It’s something frankly we’ve wanted to see for some time,” he said.

Key events this week:

• US housing starts, Friday

• Fed’s Christopher Waller, Neel Kashkari speak, Friday

Some of the main moves in markets:

Stocks

• S&P 500 futures rose 0.2% as of 8:22 a.m. New York time

• Nasdaq 100 futures rose 0.5%

• Futures on the Dow Jones Industrial Average fell 0.1%

• The Stoxx Europe 600 rose 0.3%

• The MSCI World Index was little changed

Currencies

• The Bloomberg Dollar Spot Index fell 0.2%

• The euro rose 0.2% to $1.0848

• The British pound rose 0.3% to $1.3045

• The Japanese yen rose 0.1% to 150.03 per dollar

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Cryptocurrencies

• Bitcoin rose 1.1% to $67,693.99

• Ether rose 0.9% to $2,620.52

Bonds

• The yield on 10-year Treasuries advanced one basis point to 4.10%

• Germany’s 10-year yield was little changed at 2.20%

• Britain’s 10-year yield was little changed at 4.09%

Commodities

• West Texas Intermediate crude rose 0.1% to $70.77 a barrel

• Spot gold rose 0.7% to $2,711.98 an ounce

This story was produced with the assistance of Bloomberg Automation.

–With assistance from Meg Short and Tatiana Darie.

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