US stocks are looking to end the week on solid ground, with major index futures pointing to a slightly higher start on Friday.
The US major averages were listless on Thursday before a late-hour buying spree gave the indices a rest close firmly in the green. Financials and healthcare stocks led gains, while communications, consumer staples and utilities stocks bucked the uptrend.
Fed Chairman Jerome Powells The fixation on fighting inflation supported bond returns and thereby financials.
Analysts are divided on whether the market has bottomed. Great Short Fame Michael Berry and Guggenheims Scott Minerd are among those who have predicted even more pain for the markets in the coming months.
The S&P 500 Index is now back above 4,000 for the first time this month and appears to be on track for a three-week losing streak.
| index | Performance (+/-) | value | |
|---|---|---|---|
| Nasdaq Composite | +0.60% | 11.862.13 | |
| S&P 500 Index | +0.66% | 4.006.18 | |
| Dow Industrials | +0.61% | 31,774.52 |
| index | Performance (+/-) | |
|---|---|---|
| Nasdaq 100 futures | +1.13% | |
| S&P 500 futures | +0.87% | |
| Dow futures | +0.75% | |
| R2K futures | +0.77% |
In premarket trading on Friday, Dec SPDR S&P 500 ETF Trust SPY rose 0.87% to $403.88 and the Invesco QQQ TrustQQQ rose 1.13% to $303.91 Benzinga Pro data.
On the economic front, two Fed speeches scheduled for the day are likely to be on investors’ radars. Fed board member Christopher Waller and President of the Kansas Federal Reserve Bank Esther George are expected to discuss the economic outlook at 12:00 p.m. ET.
See also: ‘We haven’t hit bottom yet:’ Michael Burry points to recent market crashes – what could be next?
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