Traders work on the floor of the New York Stock Exchange during morning trading on February 14, 2024 in New York City.
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Stock futures were mixed on Friday morning as investors attempt to carry forward the broader market’s strong momentum and awaited fresh U.S. inflation figures.
S&P futures climbed 0.2%, while Nasdaq-100 futures added 0.6%. Futures tied to the Dow Jones Industrial Average slipped 41 points, or 0.1%.
The producer price index for January is slated for release at 8:30 a.m. ET. Economists polled by Dow Jones expect a gain of 0.1%. Housing starts and building permits numbers are also on deck.
Investors have spent the week assessing the direction of the U.S. economy, particularly after this week’s hotter-than-expected consumer price index data and a surprisingly steep decline in January retail sales, which may indicate further weakness in consumer spending.
“It is not all bad news,” Adam Turnquist, chief technical strategist for LPL Financial, said about the yield levels. “Market expectations and Federal Reserve (Fed) monetary policy projections have become closer aligned, alleviating a source of market volatility. Furthermore, better-than-expected economic data has been a driving force of the market’s repricing of rate cuts, reducing the likelihood of a hard-landing scenario.”
The S&P 500 closed at a fresh record high Thursday. The Dow and Nasdaq also posted gains in the previous session.
For the week, the broad market index is up by less than 0.1%. The Dow, meanwhile, is 0.3% higher for the week after raking in its biggest one-day loss since March 2023 on Tuesday. The Nasdaq, however, is lower by 0.53%.
In corporate news, shares of food delivery service DoorDash dropped 7.4% on a wider-than-expected loss, while digital advertising company Trade Desk popped about 18.9% after topping analysts’ fourth-quarter revenue estimates and offering an upbeat outlook for the first quarter. Shares of semiconductor equipment maker
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