US pre-open: Markets set to continue Thursday's rally

Wall Street was set to end the week on a strong note, after markets soared on Thursday as investors digested the Federal Reserve’s statement from the day before.

The Dow Jones Industrial Average is expected to open approximately points 22 higher than Thursday’s close, while the S&P 500 and Nasdaq are expected to open approximately two and nine points higher respectively.

Blue chips led the way in the Thursday’s rally with tech stocks on top, while small caps gained though they lagged the momentum some expected on such a bullish day for stocks.

“Investors are choosing to stick with the safety of the most liquid stocks in case a quick exit is needed in another meltdown,” said CMC Markets analyst Jasper Lawler.

“International concerns are still present but the words and actions from the Central Bank of Russia to stem the tide of selling in the rouble have pulled emerging markets out of panic mode.”

In corporate news McDonald’s shares rose after a TV appearance from activist investor Bill Ackman reignited prospects of the restaurant chain spinning off its real estate empire in to an investment trust.

BlackBerry is expected to report a quarterly loss of five cents per share on revenue of $936m. The company recently released its enterprise software BES 12 that enables enterprise customers to use non-BlackBerry devices as well as BlackBerrys.

Red Hat was making waves in pre-market trading after the software firm beat Wall Street estimates for the third quarter, while Pier 1 Imports rose over 8% after the retailer met earnings forecasts and also affirmed its full-year outlook.

Friday sees no economic data on the calendar, though Charles Evans, the president of the Chicago Fed and John Williams, the Reserve Bank of San Francisco President, are due to speak at 10:00 and 12:00 EST.