U.S. stock index futures traded in a tight range on Friday as investors awaited earnings reports from big U.S. banks to gauge how corporate America has been faring in the current high interest rate environment.
The Dow and the S&P 500 eye weekly losses as sentiment was roiled this week following a hotter-than-anticipated inflation reading, which pushed traders to scale back their enthusiasm around the U.S. Federal Reserve cutting interest rates, while the tech-heavy Nasdaq was on track for its first weekly gain in three.
Focus would also be on remarks from Kansas City Fed President Jeffrey Schmid, Atlanta Fed President Raphael Bostic and their San Francisco counterpart Mary Daly later in the day for hints on the central bank’s rate outlook. European stocks were on track to race ahead of Wall Street on Friday, with exporter shares in high demand as the continent’s major currencies dropped against a dollar standing tall on bets the U.S. Federal Reserve would keep interest rates high.
The U.S. labour market is strengthening and its economy is outshining global peers, while euro zone inflation is dropping towards the ECB’s 2% target as growth and bank lending in the euro currency bloc weaken. The ECB and the Bank of England are predicted to begin reversing their own historically aggressive monetary tightening efforts sooner, in a trend that has weighed on the euro and sterling this week.
Nederland Laatste Nieuws, Nederland Headlines
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