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U.S. stock futures tilted south on Friday as investors waited to see if the S&P 500 can build on the prior session’s big gains, with earnings from big banks such as JPMorgan Chase & Co. straight ahead.
How stock-index futures are trading
-
S&P 500 futures
ES00,
-0.02%
slipped 4.5 basis points to 4,538.75 -
Dow Jones Industrial Average futures
YM00,
+0.17%
slipped 41 points, or 0.1%, to 34,548 -
Nasdaq-100 futures
NQ00,
-0.07%
fell 17.25 points, or 0.1%, to 15,695
The Dow Jones Industrial Average
DJIA,
gained 47.71 points, or 0.1%, to finish at 34,395.14, and the Nasdaq Composite
COMP,
gained 219.61 points, or 1.6%, ending at 14,138.57.
What’s driving markets
Markets will turn their attention to second-quarter earnings from JPMorgan
JPM,
Wells Fargo & Co.
WFC,
BlackRock Inc.
BLK,
and Citigroup
C,
ahead of the market’s open. Investors are eager to hear what those financial giants have to say after a quarter marked by bank failures and interest-rate hikes. Investors will also hear from UnitedHealth Group Inc.
UNH,
Economic data will also be on tap, with import prices for June due at 8:30 a.m. Eastern, with preliminary consumer sentiment for July at 10 a.m.
The S&P 500’s first break above the key 4,500 level in months was fueled by better-than-expected news on producer prices on Thursday and data showing fewer applicants for jobless benefits. That news followed similarly cheerier consumer price data on Wednesday that also sparked a rally in stocks.
“The probability of another 25 [basis point] hike at the Fed’s July meeting didn’t change much. It’s still given more than 90% probability. But the chances of another rate increase following the June hike are getting blurrier, so equity markets cheer the softening Fed expectations,” Ipek Ozkardeskaya, senior analyst at Swissquote Bank, told clients in a note.
Bond yields were rising on Friday a day after dipping further. The benchmark 10-year Treasury yield
TMUBMUSD10Y,
which started the week near 4.1%, moved to 3.79% around a level not seen since late June. Bond yields move inversely to prices.
The ICE U.S. Dollar Index
DXY,
%, a gauge of the currency’s value against its main rivals, pushed further into territory it hasn’t seen in more than a year, trading at 99.77.
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