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U.S. stock futures were headed for a weaker session on Friday, as Treasury yields rose as technology losses set to weigh on major indexes were expected to continue with Federal Reserve hikes.
How to trade stock-index futures?
futures on the Dow Jones Industrial Average YM00;
-0.57%
It fell 200 points or 0.5% to 33784futures on the S&P 500 ES00;
-0.76%
It fell 33.75 points or 0.7% to 4253.futures on the Nasdaq 100 NQ00;
-0.89%
It fell 128.75 points or 0.9% to 13394.
On Thursday, the S&P 500 SPX;
The Dow Industrials DJIA rose 0.2% to 4,283.74;
It rose less than 0.1% to close at 33,999.04 and the Nasdaq Composite COMP.
It gained 0.2% to end at 12,965.34.
What drives the markets?
Friday will be devoid of major data, leaving investors to listen to economic updates from last week and comments from at least one federal official on Thursday.
10-year yield TMUBMUSD10Y, as investors return to the view that Fed hikes are far from over;
5 basis points to 2.913% and 2-year TMUBMUSD02Y;
3 basis points to 3.238%.
St. Louis Fed President James Bullard told the Wall Street Journal that he is “leaning toward” a 75 basis point hike at the central bank’s next policy meeting on September 20-21. Investors heard more cautious comments later in the day from Kansas City Federation President Esther George, who said how fast the hike would be is up for debate.
Richmond Federation President Tom Bark will speak at 9 a.m. ET. Investors are also focused on next week’s Jackson Hole Symposium, where Federal Reserve Chairman Jerome Powell and other central bank officials are scheduled to speak.
Comment: The Fed isn’t chilling about tackling inflation to the ground, so stop reading the minutes.
Interest-rate tech stocks appeared poised to bear the brunt, with Nasdaq futures falling, the Nasdaq Composite index set for a weekly loss of 0.6%, and the S&P 500 clinging to positive territory, after both indexes finished fourth last week. – Straight winning streak, longest weekly streak since November 2021.
“The Fed is clearly targeting inflation as its primary objective,” said Richard Hunter, head of markets at Interactive Investor.
“The market is still pricing in a 0.5% interest rate hike in September, although there is growing concern that another 0.75% hike could be on the cards, with rates currently expected to be at a high of 3.5%. Comments from several federal officials have weighed on inflation. He pointed out that there is still a long way to go before victory is declared.
Data showed flat retail sales this week and data from some major retailers such as Target, TGT,
and Kohl’s KSS,
But Thursday brought data showing weekly jobless claims falling by 2,000 to 250,000, with no signs of a wholesale slowdown.
Deere & Co., an economical bell and tractor manufacturer;
Reports before the market opens.
In other markets, investors sold crude, including West Texas Intermediate crude CL.1;
Brent rose 1.1 percent to $89.43 a barrel for September, and Brent BRN00;
A decrease of 1.2% to 95.41 dollars per barrel.
Which companies pay attention?
Beyond Bed, Bath and BBB,
-19.63%
Shares fell 41 percent after investor Ryan Cohen confirmed that he had sold his entire stake in the retailer and made a profit of more than $58 million.
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