U.S. futures were stagnant on Friday morning following the Dow Jones Industrial Average’s worst trading session in a year. Futures for the Nasdaq 100, S&P 500, and Dow Jones were slightly up at 2:22 a.m. EST on May 24.
Yesterday, all three major indices closed lower due to concerns about interest rates staying high after the Purchasing Managers’ Index data came in hotter than expected.
In stock market news, Nvidia saw a 9.3% increase in stock value following positive Q1 results, while Boeing experienced a 7.6% drop after predicting negative free cash flow and a slowdown in aircraft deliveries. Intuit’s stock also fell over 6% despite reporting better-than-expected fiscal Q3 results.
Today’s earnings calendar is light with only a few companies, including Booz Allen Hamilton, TransAlta, and Hudbay Minerals, scheduled to release their numbers.
Key economic reports due today include the final Consumer Sentiment Index reading for May from the University of Michigan and the Durable Goods report for April.
The U.S. 10-year Treasury yield was down, hovering around 4.47%, while WTI crude oil futures trended higher at around $76.88 per barrel.
European markets are expected to open lower on Friday morning due to concerns about the Federal Reserve’s interest rate policy.
In Asia-Pacific markets, indices were trading lower as investors evaluated Japan’s inflation data. Hong Kong’s Hang Seng index was down 1.47%, Japan’s Nikkei and Topix indices declined by 1.25% and 0.48%, and China’s Shanghai Composite and Shenzhen Component indices ended lower by 0.33% and 0.58%.
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