US stocks pointed to a firmly higher open on Friday, as Wall Street waited for a fresh read on the Federal Reserve’s preferred inflation gauge that will feed into interest-rate expectations.
Futures on the S&P 500 (^GSPC) and the Dow Jones Industrial Average (^DJI) both gained about 0.5%. Contracts on the tech-heavy Nasdaq 100 (^NDX) led the advance, up 0.7%, with all three benchmarks looking to build on Thursday’s gains.
Despite that, stocks are set for sharp losses for the month and quarter as they head into the final trading day of a brutal September. The major indices are looking at drops of 3% to 5% for the month, battered by surging oil prices and fears the Fed’s higher-for-longer rates strategy means another hike this year.
Bonds also saw some relief from those pressures on Friday, after comments from Fed officials helped soothe rate jitters. The yield on 10-year Treasuries fell after hitting levels not seen in over 15 years. But while the 30-year Treasury yield retreated, it’s…
2023-09-29 06:06:03
Article from finance.yahoo.com
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