Futures rise on dovish Fed comments after jobs data
U.S. stock futures advanced on Friday, buoyed by dovish comments from Federal Reserve officials and robust labor market data.
Nvidia led the gains in technology stocks with a 2.5% rise in premarket trading.
The CBOE Volatility Index, a measure of market anxiety, dropped significantly from its earlier peak, reflecting a reduction in market turbulence.
Despite the week’s overall declines, with major indexes like the Dow Jones down approximately 0.7%, the market rebounded following encouraging jobless claims data.
Investors are now focusing on upcoming consumer price and retail sales reports for further indications of economic stability.
Futures markets anticipate a 54.5% chance of a 50 basis point rate cut by the Fed in September, with additional cuts expected by the end of 2024.
Individual stock movements included a decline for Elf Beauty due to lower sales forecasts, while SoundHound AI saw a boost after exceeding revenue expectations.