U.S. stock index futures edged higher on Friday, rebounding after the Dow Jones Industrial Average (DJIA) experienced sharp losses in the previous session due to concerns over persistent inflation and high interest rates.
As of 06:25 ET (10:25 GMT), #Dow #Jones Futures rose 68 points, or 0.2%, S&P 500 Futures gained 15 points, or 0.3%, and Nasdaq 100 Futures increased by 50 points, or 0.3%.
The main Wall Street indexes closed lower on Thursday following indications from the Federal Reserve that policymakers were increasingly worried about persistent inflation, which could delay any potential rate cuts this year. The S&P 500 dropped 0.7%, the NASDAQ Composite fell 0.4%, and the #Dow Jones Industrial Average was the worst performer, sinking 1.5% in its worst session in over a year.
Although markets are edging higher on Friday, these indices, except for the tech-heavy Nasdaq Composite, are on track for weekly losses. This comes after the minutes of the Fed’s late-April meeting and hawkish remarks from several Fed officials suggested slower progress towards the Fed’s 2% annual inflation target. As a result, traders largely dismissed the likelihood of #rate cuts this year. The CME FedWatch tool indicated that #traders see a nearly equal probability—around 46%—that the Fed will either hold or cut rates in September.
All three indexes had hit record highs earlier this week, making them vulnerable to profit-taking.
#Economic data scheduled for release on Friday includes April’s durable goods report and May’s reading of the University of Michigan’s consumer sentiment index.
#Nvidia Earnings Keep Tech Sector in Focus
The losses on Thursday occurred despite NVIDIA Corporation (NASDAQ: #NVDA) surging to record highs following a strong first-quarter earnings report. While gains in #Nvidia initially boosted broader technology stocks on hopes that demand for artificial intelligence would support the sector, these gains were largely offset by concerns over prolonged high U.S. interest rates, particularly after hawkish signals from the #Federal Reserve.
Nevertheless, gains in Nvidia, which is the third-largest company on Wall Street, helped mitigate overall losses in benchmark stock indexes.
#Intuit (NASDAQ: INTU) shares traded sharply lower premarket due to soft guidance for the current quarter, with investors concerned about a loss of free users for its crucial TurboTax tax-preparation service.
#Tesla (NASDAQ: TSLA) will also be in the spotlight after data revealed that the EV manufacturer has cut output of its best-selling Model Y electric car by a double-digit percentage at its Shanghai plant since March.
#Crude Heading for Weekly Losses
Crude prices slipped lower on Friday, heading for significant weekly losses due to concerns over U.S. economic activity amid persistent inflation and high interest rates.
By 06:25 ET, U.S. #crude #futures (WTI) traded 0.8% lower at $76.23 per barrel, while the Brent contract dropped 0.8% to $80.75 per barrel. Both contracts were on track to post weekly losses of more than 3%, with Brent at its weakest level in two months, and WTI at a three-month low.
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