U.S. equity futures looked to continue the rally in stocks that was sparked on Thursday following a better-than-expected inflation report.
The major futures indexes suggest a rise of 0.7% or a gain of more than 150 points on the Dow, the day after that index soared 1,200 points.
It was the biggest one-day gain for the Dow in more than two years.
Inflation cooled more than expected in October, but consumer prices remained near a multi-decade high, continuing to squeeze millions of U.S. households and small businesses.
The Labor Department said Thursday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.4% in October from the previous month. Prices climbed 7.7% on an annual basis.
Those figures were both lower than the 8% headline figure and 0.5% monthly increase forecast by Refinitiv economists.
The yield on the 10-year Treasury, which helps set rates for mortgages rates for mortgages and other loans, was at 3.81% on Friday.
Oil prices gained Friday after a milder than expected U.S. inflation data reinforced hopes that the Federal Reserve will slow down rate hikes.
Prices were still set to show a decline for the week after COVID-19 cases in top oil importer China jumped, raising fears of weaker fuel demand.
U.S. West Texas Intermediate (WTI) crude futures traded around $87.00 a barrel.
Brent crude futures traded around $94.00 a barrel.
On Wall Street, the S&P 500 gained to 3,956.37, propelled by big gains for tech heavyweights. Amazon soared 12.2%, Apple rose 8.9% and Microsoft climbed 8.2%.
The Dow Jones Industrial Average gained 3.7%, or more than 1,200 points, to 33,715.37.
The Nasdaq composite, dominated by tech stocks, shot up 7.4% to 11,114.15 for its best day since March 2020,
Asian stock markets surged Friday.
The Nikkei 225 in Tokyo gained 2.9%, Hong Kong’s Hang Seng index soared 7.7% and China’s Shanghai Composite Index added 1.7% after the ruling Communist Party promised to alter quarantine and other anti-virus tactics to reduce the cost of China’s severe “zero-COVID” strategy, according to the Associated Press.
Techyrack Website stock market day trading and youtube monetization and adsense Approval
Adsense Arbitrage website traffic Get Adsense Approval Google Adsense Earnings Traffic Arbitrage YouTube Monetization YouTube Monetization, Watchtime and Subscribers Ready Monetized Autoblog
from Stock Market News – My Blog https://ift.tt/klH1SJ3
via IFTTT
No comments:
Post a Comment