YELP - US Stocks Set To End Week Strong With With S&P 500 Eyeing Break Above Late-March Peak: Analyst Says He's Still A Buy In May Amid This Positive Signal | Benzinga
U.S. stocks are on track to finish the week on a high, with the index futures pointing to a higher opening on Friday. The recent string of weak data has given raise to hopes that the Federal Reserve may have to relent and take rates lower. A few Federal Reserve speeches scheduled for the day will likely offer some color on what the central bank may do with rates this year.
A consumer sentiment reading and inflation expectations, which are a part of the report, and tapering earnings news flow could also impact trader sentiment. All eyes will be on the S&P 500 Index to see if the upward momentum is strong enough to lift it past late March closing highs of 5,248.49.
Futures Performance (+/-)
Nasdaq 100 +0.48%
S&P 500 +0.38%
Dow +0.33%
R2K +0.36%
In premarket trading on Friday, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.37% to $522.10, while the Invesco QQQ ETF (NASDAQ:QQQ) gained 0.46% to $443.03, according to Benzinga Pro data.
Cues From Previous Session:
Thanks to a spike in jobless claims to the highest since August 2023, the major averages all ended firmly in the green on Thursday. Commenting on the data, fund manager Louis Navellier said, “Overall, since the Fed has an unemployment mandate, rising jobless claims should help to coax the Fed to cut key interest rates sooner than later.”
The indices opened on a mixed note, but turned uniformly higher in late-morning trading. Subsequently, they stayed firmly in the green before ending the session higher. All ...