Futures tracking the Nasdaq 100 were up 166.25 points, or 0.56%, at 4:50 a.m. ET on Friday, leading Wall Street higher and setting the tech‑heavy index on course for weekly gains. The Dow rose 83 points, or 0.16%, while S&P 500 futures added 21.5 points, or 0.28%.
The market rally came as crude oil prices slipped for a third consecutive day, with Brent and U.S. West Texas Intermediate futures each falling about 2%. The decline helped calm inflation worries, as the Middle‑East supply shock that had been feeding price pressures eased.
Investor sentiment and earnings outlook
Investors also digested a recent Federal Reserve rate hike and comments from Fed Chair Kevin Warsh, looking for clues on the future path of borrowing costs. With earnings season still a month away, executives speaking at industry conferences offered early insight into corporate health, shaping market sentiment.
Goldman Sachs chief U.S. equity strategist Ben Snider warned that the recent strength of S&P 500 earnings growth has sparked concerns about an “earnings bubble.” He noted that while factors may be contributing to “over‑earning” today, the firm’s base case expects earnings growth to decelerate rather than collapse in the coming years.
Tech stocks and other market moves
Big‑tech shares posted mixed results. Alphabet and Nvidia rose about 2% and 1% respectively, while Apple slipped 0.2%, making it the only decliner among the Magnificent 7 group.
Biopharma company Xenon Pharmaceuticals fell nearly 28% in pre‑market trading after it temporarily paused enrollment in trials for its experimental drug targeting major and bipolar depression, following reports of side effects.
Friday also marked the quarterly “triple witching” event, when stock, index option and futures contracts expire simultaneously, often boosting trading volume and volatility.
Overall, the combination of lower oil prices, cautious earnings expectations, and the Fed’s latest policy move provided a modest lift to equity markets, keeping investors optimistic about the near‑term outlook.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
