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U.S. stock futures fell on Friday, while Treasury yields and the dollar rose, as investors appeared poised to pause a month-long rally on Wall Street that has lifted all three major points. reference to records.
Stocks finished modestly lower last night, after hitting records earlier in the session, as investors took profits from the market's recent gains and digested a series of hawkish comments on rate hikes from a series of policymakers. the Federal Reserve.
"One data point is not a trend and one change does not determine the next three months," Atlanta Federal Reserve President Raphael Bostic said at an event in Washington, referring to the US's weaker-than-expected April inflation report. beginning of the week.
Traders made modest adjustments to bets on a rate cut in September. They lowered the overall odds of a September move to around 69%, according to CME Group's FedWatch data, while selling Treasuries.
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Benchmark 10-year bonds rose 3 basis points in the overnight session to 4.389%, while 2-year bonds rose 2 basis points to 4.786%.
Meanwhile, the US Dollar Index added 0.27% against its major global peers to trade at 104.739 at the start of the New York session.
On Wall Street, stocks expect a subdued opening, but are still on track for a fourth consecutive weekly advance. This has been driven by hopes of interest rate cuts and better-than-expected earnings forecasts.
Futures contracts linked to the S&P 500, which is up 11.05% for the year, suggest an opening drop of 2 points for the benchmark index, with the Nasdaq trading at a price of one
The Dow Jones Industrial Average, which is on a five-week winning streak and surpassed the 40,000-point mark for the first time last night, is headed for a modest 10-point decline.
Stocks on the move include semiconductor equipment maker Applied Materials (ENORMOUS) which fell 1% in premarket trading after a subdued revenue forecast clouded its second-quarter earnings.
Video game maker Take-Two Interactive (TWO) Meanwhile, it fell 2.8% after planning to release its next blockbuster, "Grand Theft Auto VI," for fall 2025. That's just before the end of its current fiscal year, which ends next March.
reddit (RDDT) Shares, on the other hand, rose 13.7% after the newly listed social media website revealed a new content sharing deal with ChatGPT creator OpenAI.
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In overseas markets, Britain's FTSE 100 fell 0.38% in London, while the regional benchmark Stoxx 600 fell 0.33% in Frankfurt.
Overnight in Asia, shares in China received a boost thanks to a fresh push from Beijing to support the domestic property market, although the MSCI index excluding Japan was down 0.14% at the close of trading.
Meanwhile, a slightly firmer yen as well as a pullback in technology stocks kept the Nikkei 225 in the red, with the index closing down 0.34% at 38,787.83 points.
