US stock futures inched down on Friday. Nasdaq 100 futures fell by more than 0.35% in the premarket. Dow Jones futures edged down 0.64% while S&P 500 futures declined by more than 0.50%. The stocks fell amid a decline in commodity prices.
US Financial Outlook
Nasdaq 100 futures slipped in the premarket as the US dollar surged. The US dollar has been on an upward trend since the Federal Reserve updated its projections on Wednesday. The Fed’s increased forecasts for inflation and rate hikes pushed the dollar higher.
The 10-year Treasury yield continued to decline from its 1.6% high after the Fed’s hawkish tone towards interest rate hikes. The bonds fell to around 1.49%. The 30-year Treasury bond slipped 2.08% despite the Fed’s hawkish attitude towards recovery.
Commodity prices have taken a nosedive cutting into months of gains. Platinum futures declined more than 7% while palladium futures dropped more than 11%. Corn futures fell 6% as copper prices dropped 4.8%. Oil prices were down by 1%.
Nasdaq Market Movers
Adobe was the best performer in the Nasdaq 100 index. The company’s shares rose 3.38% in the pre-market trading. It recorded quarterly earnings of $3.03 per share. The earnings surpassed analysts forecast by 22 cents.
Zoom gained 3.07% in its share earnings in the pre- market. This was after RBC assumed coverage of zoom with an outperform rating. The company’s shares were hovering at records high last year as the Corona pandemic had people working from home.
Biogen Inc gained 1.73% in its stock earnings. The company’s stock was upgraded to outperform. Its stock earnings have been on a high ever since the company’s new Alzheimer’s drug was approved.
Nvidia Corporation’s stock earnings gained 0.77%. This was after its price target on the semiconductor stock was pushed to a Wallstreet high of $854.
On the flipside, Micron fell by 2.03% in Friday’s earlier trading. The company’s stock has been trading below its 50-day moving average line.