#usa_stock index futures rose on Friday, rebounding after Wall Street closed lower in the previous session due to signs of persistent inflation that reignited concerns about monetary policy ahead of a long weekend.
On Thursday, all three main indexes initially surged following Nvidia’s (NASDAQ:#NVDA) impressive revenue forecast and a 10-for-one stock split. However, they later turned lower as economic data indicating rising price pressures reduced expectations for interest-rate cuts this year.
“Recent comments from Fed officials, along with stronger-than-expected PMI data, have pushed back expectations for a Fed rate cut,” #OCBC strategists noted. “These developments highlight that markets remain sensitive to data, and also serve as a reminder that the current high-for-longer rates environment may persist.”
Investors are now focusing on upcoming economic data, including April’s durable goods report and the University of Michigan’s final consumer sentiment index, as well as remarks from #Fed Board Governor #Christopher #Waller, all scheduled for later in the day.
#Traders anticipate that the U.S. central bank will reduce interest rates by 35.6 basis #points by the end of the year.
On Thursday, the blue-chip Dow experienced its largest one-day drop since March 2023, while the benchmark S&P 500 had its worst session in over three weeks. Both indexes are on track for weekly losses after four consecutive weeks of gains.
#Nvidia shares rose 1% in premarket trading after gaining over 9% the previous day, closing above the key $1,000 mark and adding approximately $218 billion to its market value. Reuters reported that the company’s most advanced AI chip developed for China had a weak start, with abundant supply leading to it being #priced below Huawei’s rival chip.
Other megacap stocks, including Apple (NASDAQ:#AAPL), Alphabet (NASDAQ:#GOOGL), and Meta Platforms (NASDAQ:#META), also saw premarket gains between 0.4% and 0.8%.
The U.S. equity market will be closed on Monday in observance of Memorial Day.
At 7:03 a.m. ET, Dow e-minis were up 53 points, or 0.14%, S&P 500 e-minis were up 14.75 points, or 0.28%, and Nasdaq 100 e-minis were up 54.25 points, or 0.29%.
Boeing (#NYSE:BA) shares rose 0.7% after being the biggest drag on the Dow in the previous session, closing over 7% lower.
Meanwhile, the U.S. Securities and Exchange Commission approved applications from #Nasdaq, #CBOE, and NYSE to list exchange-traded funds (#ETFs) tied to ether prices, potentially paving the way for these products to start trading later this year. However, ProShares Ether Strategy ETF dropped 2.4% after surging more than 22% earlier in the week.
#Workday (#NASDAQ:#WDAY) fell 12.1% after the human resources software provider cut its annual subscription revenue forecast.
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