Key US index futures are pointing to a positive start on Friday, reversing sharp declines in the previous session. The week has witnessed choppy movement in the market and it remains to be seen if the indices can stage a strong recovery to end the week in the green.
US stocks opened Thursday’s session lower and fell further in early trade as traders processed data showing that jobless claims had fallen to a five-month low and second-quarter GDP grew as expected.
The weakness was broad based, with consumer staples, technology, communications and real estate stocks being severely punished.
All three major moving averages were trading at their lowest levels in about two years.
| index | Performance (+/-) | value | |
|---|---|---|---|
| Nasdaq Composite | -2.84% | 10,737.51 | |
| S&P 500 Index | -2.11% | 3,640.47 | |
| Dow Industrials | -1.54% | 29,225.61 |
Here’s an inside look at index futures trading:
| index | Performance (+/-) | |
|---|---|---|
| Nasdaq 100 futures | +0.66% | |
| S&P 500 futures | +0.70% | |
| Dow futures | +0.58% | |
| R2K futures | +1.22% |
in the premarket Trading on Friday SPDR S&P 500 ETF TrustSPY rose 0.76% to $365.53 and Invesco QQQ TrustQQQ rose 0.70% to $273.78 Benzinga Pro data.
The Main Street calendar for the day is packed, with multiple Fed speakers lined up for the day.
They should be in the limelight personal income and expenditure report for August, due at 8:30 am EDT, as it includes the Federal Reserve’s preferred indicator of inflation, which is the Personal Consumption Spending Index. Traders will likely focus on both the monthly and annual rates of the index.
The University of Michigan Final Consumer Sentiment Index for August is scheduled to be released at 10:00 am EDT. The report will include two measures of inflation expectations. The MINI Chicago…
