Finance

Stock futures rise slightly Friday, but head for losing week on Fed angst

Traders on the floor of the NYSE, April 7, 2022.
Source: NYSE

U.S. stock futures were little changed on Thursday night after the major averages staged a late-day comeback as investors appraised the likelihood of tighter monetary policy from the Federal Reserve to combat inflation.

Dow Jones Industrial Average futures rose 3 points, or 0.01%. S&P 500 and Nasdaq 100 futures climbed 0.02% and 0.05%, respectively.

The Dow Jones Industrial Average bounced back on Thursday after two straight days of losses. The Dow rose 87.06 points, or 0.25%, to 34,583.57 after dropping as much as 300 points earlier in the session. The S&P 500 gained 0.43% to 4,500.21, and the Nasdaq Composite ticked up 0.06% to 13,897.30.

The choppy session came amid continued uncertainty as investors weighed a more aggressive stance against inflation by the Federal Reserve. On Wednesday, the central bank disclosed its March meeting minutes, indicating that policymakers plan to reduce their bond holdings by a consensus amount of about $95 billion a month. The minutes also indicated potential interest rate hikes of 50 basis points in future meetings.

“We’re in a trading range market and it’s going to be this way for some time,” Stephanie Link, chief investment strategist and portfolio manager at Hightower, told CNBC’s “Closing Bell.” “And it’s really because we just have so many unknowns to deal with.”

On the economic front, the wholesale inventories report will be released on 10 a.m. on Friday.

Investors are also looking ahead to earnings season, which will kick off next week with reports from five big banks. JPMorgan will report before the bell on Wednesday. Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo will report before markets open on Thursday.

Products You May Like

Articles You May Like

As Biden vows to ‘protect’ Social Security, here’s what we know about the future of benefits
GM adds former Lyft and Tesla executive Jon McNeill as board member
Apple CEO Tim Cook doesn’t like the metaverse—he predicts a different technology will shape the future
GOP challenges to Biden’s student loan forgiveness plan put debt relief in jeopardy
‘The IRS is not the boogeyman.’ Here’s what to do if you still can’t pay your taxes