SPY - Nasdaq Futures Edge Down Ahead Of Data Deluge UAW Strike; Analysts Warn Fed May Not Be Done With Rate Hikes | Benzinga
U.S. stocks could open on a mixed note on Friday, the week’s final trading session, as the spotlight now shifts to the upcoming week’s Fed meeting. The United Auto Workers union’s strike against the Detroit big three could serve as a drag, given its potential ramifications for these companies, the industry, and the broader economy.
A slew of economic data due for the day could also create some volatility in the market.
Cues From Thursday’s Trading:
Buoyed by a strong debut by SoftBank Group Corp. (OTC:SFTBY)-owned Arm Holdings plc ADS (NASDAQ:ARM), the major averages advanced strongly on Thursday. Traders also digested a mixed batch of economic data that showed a faster than expected increase in producer price inflation, in-line retail sales data, and jobless claims data.
The averages opened higher but saw a loss of momentum in early trading. Stocks regained the momentum thereafter, and the indices hovered above the unchanged line before closing notably higher.
The strength was broad-based, with utilities, materials, real estate, energy, communication, technology, and consumer stocks all ending in the green.
The Dow Industrials ended at a one-month high, while the broader S&P 500 Index scaled the psychological resistance of 4,500 for the first time in two weeks.
US Index Performance On Thursday
Index Performance (+/-) Value
Nasdaq ...