U.S. stock index futures weakened ahead of the open on Friday after Federal Reserve Bank of New York President John Williams said the central bnak isn’t really discussing cutting interest rates right now. How stock index futures are trading
S&P 500 futures
ES00,
-0.01%
fell by 3 points, or 0.1%, to 4,771.
Dow Jones Industrial Average futures
YM00,
-0.05%
slipped 27 points, or 0.1%, to 37,618.
Nasdaq-100 futures
NQ00,
+0.19%
were up 22 points, or 0.1%, at 16776.
On Thursday, all three indexes logged their the sixth straight session of gains. The Dow industrials
DJIA
rose 158.11 points, or 0.4%, to finish at 37,248.35, the S&P 500
SPX
rose 0.26% to 4,719.55 and the Nasdaq Composite
COMP
gained 0.19% to 14,761.56.
What’s driving markets All three U.S. indexes are headed for weekly gains of more than 2%, but the Dow industrials has logged back-to-back record closes and was headed for a third on Friday. Renewed appetite for stocks in the waning days of 2023 has has been fueled by this week’s Federal Reserve meeting, where officials surprised investors by indicating rates have peaked and mapped out rate cuts for 2024. Williams’ comments, made on CNBC, put a dampener on rate-cut speculation. The S&P 500, meanwhile is within 1.75 percentage points of its current record close from January 2022. The yield on the 10-year Treasury note
BX:TMUBMUSD10Y
was hovering at a July low of 3.91%, as the bond market has rallied this week. Stephen Innes, managing partner at SPI Asset Management, said “a temperature check is bound to occur with so many folks thinking the market has gotten too far over its skis on the pace of rate cuts.” “That said, with $6 trillion of dry powder sitting in money market funds that might be champing at the bit to take the plunge into stocks, it should, at minimum, keep short sellers wary,” he said. Investors may see a more volatile session on a “triple-witching” Friday, with options contracts tied to more than $5 trillion worth of stocks, exchange-traded funds and indexes set to expire. Also, money managers will need to finalize changes to their holdings as the quarterly rebalancing of the S&P 500 and Nasdaq-100 will kick in after the market close on Friday. See: Traders brace for chaotic ‘triple witching’ Friday as $5 trillion in expiring options collides with index-rebalancing mania U.S. economic data released Friday included the New York Fed’s Empire State manufacturing survey, which showed U.S. manufacturing activity continued to struggle as the gauge tumbled to a four-month low. Industrial production and capacity utilization data are due at 9:15 a.m. ET. The Fed’s stance wa …
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S&P 500 futures
ES00,
-0.01%
fell by 3 points, or 0.1%, to 4,771.
Dow Jones Industrial Average futures
YM00,
-0.05%
slipped 27 points, or 0.1%, to 37,618.
Nasdaq-100 futures
NQ00,
+0.19%
were up 22 points, or 0.1%, at 16776.
On Thursday, all three indexes logged their the sixth straight session of gains. The Dow industrials
DJIA
rose 158.11 points, or 0.4%, to finish at 37,248.35, the S&P 500
SPX
rose 0.26% to 4,719.55 and the Nasdaq Composite
COMP
gained 0.19% to 14,761.56.
What’s driving markets All three U.S. indexes are headed for weekly gains of more than 2%, but the Dow industrials has logged back-to-back record closes and was headed for a third on Friday. Renewed appetite for stocks in the waning days of 2023 has has been fueled by this week’s Federal Reserve meeting, where officials surprised investors by indicating rates have peaked and mapped out rate cuts for 2024. Williams’ comments, made on CNBC, put a dampener on rate-cut speculation. The S&P 500, meanwhile is within 1.75 percentage points of its current record close from January 2022. The yield on the 10-year Treasury note
BX:TMUBMUSD10Y
was hovering at a July low of 3.91%, as the bond market has rallied this week. Stephen Innes, managing partner at SPI Asset Management, said “a temperature check is bound to occur with so many folks thinking the market has gotten too far over its skis on the pace of rate cuts.” “That said, with $6 trillion of dry powder sitting in money market funds that might be champing at the bit to take the plunge into stocks, it should, at minimum, keep short sellers wary,” he said. Investors may see a more volatile session on a “triple-witching” Friday, with options contracts tied to more than $5 trillion worth of stocks, exchange-traded funds and indexes set to expire. Also, money managers will need to finalize changes to their holdings as the quarterly rebalancing of the S&P 500 and Nasdaq-100 will kick in after the market close on Friday. See: Traders brace for chaotic ‘triple witching’ Friday as $5 trillion in expiring options collides with index-rebalancing mania U.S. economic data released Friday included the New York Fed’s Empire State manufacturing survey, which showed U.S. manufacturing activity continued to struggle as the gauge tumbled to a four-month low. Industrial production and capacity utilization data are due at 9:15 a.m. ET. The Fed’s stance wa …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]