Stock futures rise, with Wall Street poised to break string of weekly losses


US equities pointed to higher gains on Friday, with major indices set to break with three consecutive weeks of losses, helped by some calm in the face of rising interest rates and research of bargains, especially among technological actions.

How are stock index futures traded?
  • Futures S&P 500 ES00,
    + 0.74%
    increased 0.7% to 3,827

  • Dow Jones Industrial Average YM00 Futures,
    + 0.63%
    gained 178 points, or 0.6%, to 30,850

  • Nasdaq 100 NQ00 futures,
    + 0.95%
    added 0.8% to 11,841

On Thursday, the Dow Industrial DJIA,
+ 0.64%
it rose 194.23 points, or 0.6%, to end near session highs at 30,677.36, after moving between gains and losses. The S&P 500 SPX,
+ 0.95%
rose 1% to finish at 3,795.73. The Nasdaq Composite COMP,
+ 1.62%
increased 179.11 points, or 1.6%, closing at 11,232.19.

What is driving the markets?

The major stock indices are heading for weekly gains, which would break the three-week losing streak for all three.

Behind part of the renewed vigor of the shares there has been a cooling of bond yields, with that of the 10-year Treasury note TMUBMUSD10Y,
3.099%
down a week.

Instead of being bothered by Federal Reserve Chairman Jerome Powell’s anti-inflation words, markets continue to put the price on “a recession that stops rate hikes long before,” Jeffrey Halley told clients , senior market analyst at OANDA.

On his second day of testimony in Capital Hill, Powell said he does not believe a recession is inevitable, but that he has an “unconditional” commitment to fighting inflation. He also said the Fed hopes to control higher prices without causing an economic recession.

“This week’s moves could still turn out to be the result of a genetically pre-programmed financial market to buy falls in stock and bond prices, thanks to two decades of central bank generosity. It could also be a market correction. bassist, as the stampede on the exit door was exaggerated in the short term, resulting in a short cut, ā€¯Halley said.

Reads: Don’t rely on the stock market rebound until the S&P 500 returns above 3,800: analysts

Friday’s economic focus will be on the final reading of the University of Michigan consumer sentiment index, part of the reason the Fed opted for a 75 basis point rate hike at its recent meeting, instead of 50 basis points.

Reads: Here’s Powell’s comment that could make it harder for the Fed to slow the pace of interest rate hikes

These data will be delivered at 10 a.m., along with new home sales for May. Investors will also hear a couple of Fed speakers: the Fed chairman of St. Louis, James Bullard, who will speak at 7:30 a.m. East and San Francisco Fed Chair Mary Daly at 4:00 p.m.



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