U.S. index futures point to a modestly lower opening on Friday as traders hope for better tidings on the wholesale prices front. Thursday’s slightly hotter-than-expected consumer price inflation data kept sentiment subdued throughout the session before the major averages closed modestly lower. Following the inflation data, Harris Financial Group Managing Partner Jamie Cox said, “Disinflation continues, but anyone who thought the Fed was going to lower rates by another .50 basis points in November is dead wrong.”
“When interest rates aren't high enough to lower growth, they aren't high enough to stifle inflation completely either. The Fed will lower rates, but at a measured pace from here,” he added.
Tesla, Inc.‘s (NASDAQ:TSLA) Robotaxi event failed to kickstart a rally in the stock. JPMorgan Chase & Co. (NYSE:JPM) is set to kickstart big bank earnings this season and its earnings are seen as a barometer of how healthy the sector is.
Futures
Performance (+/-)
Nasdaq 100
-0.32%
S&P 500
-0.19%
Dow
-0.16%
R2K
-0.43%
In premarket trading on Friday, the SPDR S&P 500 ETF Trust (NYSE:SPY) edged down 0.10% to $575.53 and the Invesco QQQ ETF (NASDAQ:QQQ) moved down 0.20% to $491.60, according to Benzinga Pro data.
Cues From Last Session:
With inflation readings coming slightly ahead of expectations across the board and jobless claims jumping to the highest in over a year due to Hurricane Helene, stocks opened Thursday’s session lower. The reports sent bond yields surging higher.
The 30-stock Dow Jones Industrial Average languished in the red throughout the session, while the tech-heavy Nasdaq ...
