Stock futures climbed on Friday morning as investors anticipated the conclusion of a week marked by a recovery rally.
Futures for the Dow Jones Industrial Average rose by 59 points, or 0.15%, while S&P 500 and Nasdaq 100 futures advanced by 0.2% and 0.4%, respectively.
These gains followed a robust performance on Wall Street Thursday, where the Dow surged by over 500 points, more than 1%, alongside the broad S&P 500. The Nasdaq Composite saw an even larger jump of over 2%, driven by strong technology stocks.
Thursday’s session marked the sixth consecutive day of gains for both the S&P 500 and Nasdaq. With weekly increases of more than 3% and 5%, respectively, both indexes are on track for their biggest weekly gains since November. The Dow, up more than 2% for the week, is poised to record its best performance of the year.
Fueling this optimism were stronger-than-expected retail sales data released Thursday and a drop in weekly jobless claims. These indicators suggested that fears of an imminent recession, which had sparked a global sell-off earlier this month, were likely exaggerated.
Earlier in the week, inflation data provided further evidence that a soft landing for the economy might still be within reach. This has bolstered expectations that the Federal Reserve may begin cutting interest rates at its next policy meeting.
Investors have been searching for reasons to sustain the recovery momentum,” said Sam Stovall, chief investment strategist at CFRA Research. “With the recent positive surprises in economic and employment data, investors are now accelerating their pace.”
Related topics:
-
Market Indexes: What You Need to Know” href=”https://www.reelfinancial.com/archives/73017″ target=”_blank” rel=”bookmark noopener”>4 Stock Market Indexes: What You Need to Know