US Futures Rise, Dow Eyes 8th Straight Win As Rate-cut Hopes Abound | Old North State Wealth News
Connect with us

Economy

US futures rise, Dow eyes 8th straight win as rate-cut hopes abound

Published

on

US stock futures rose on Friday, setting the Dow up for an eighth straight day of gains as investors waited for a parade of Fed speakers to test a growing confidence that a rate cut is on the way.

Dow Jones Industrial Average (YM=F) futures put on roughly 0.3%, with S&P 500 (ES=F) futures also gaining 0.3% on the heels of closing above 5,200 for the first time in a month. Contracts on the tech-heavy Nasdaq 100 (NQ=F) were up 0.4%.

The blue-chip Dow has powered higher, scoring its longest win streak this year as stocks made a comeback from April’s doldrums. Growing conviction that the Federal Reserve could cut interest rates earlier than expected — given recent signs of a cooling labor market — has buoyed the rally.

Read more: How does the labor market affect inflation?

Given that, investors will listen closely to speeches from a packed line-up of Fed speakers on Friday for more insight into timing, pace, and chance of an easing in policy. Michelle Bowman, Neel Kashkari, and Austan Goolsbee are among those scheduled to appear.

Earlier, Atlanta Fed boss Raphael Bostic said he sees a single rate cut late this year, but echoed fellow official Mary Daly’s preference for waiting for a more robust signal that price pressures are easing.

On the corporate front, TSMC (TSM) shares popped after the Taiwanese contract chipmaking giant said its sales jumped 60% in April. It credited sustained AI demand paired with a revival in consumer electronics such as smartphones.

Live2 updates

  • Travel Trends

    Citi doing a little earnings call mining today, pointing out these notes from AirBNB’s (ABNB) call this week:

    “Nights booked in Paris during the Summer Olympics are 5x higher than this time last year while Germany is seeing a similar trend for the Euro Cup this summer with nights booked nearly 2x vs. last year.”

  • Morning markets stats to know

    The feel good vibes in markets marches on, and the happiness is starting to compound.

    The S&P 500 remains on track for a third consecutive weekly gain for the first time since February. What’s more, Deutsche Bank points out this has been the strongest performance for the S&P 500 over six sessions so far this year. The S&P 500 has rallied a solid 3.9% since its recent low on May 1.

Read the full article here

Trending

Copyright © 2022 ONSWM News. Content posted on the Old North State Wealth News page was developed and produced by a third party news aggregation service. Old North State Wealth Management is not affiliated with the news aggregation service. The information presented is believed to be current. It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date the articles were published. The information presented is not an offer to buy or sell, or a solicitation of any offer to buy or sell, any of the securities discussed.