US stock futures edged slightly higher on Friday. Major stock indexes are on track to close out their worst week since mid-June. Contracts tied to the tech-heavy Nasdaq 100 were on a standstill. This indicated that the index could end the week slightly unchanged. Futures tied to the S&P 500 were almost on a standstill while Dow Jones futures edged 0.5% higher.
US Markets Concerns
The Federal Reserve’s Monetary Policy report is yet to be released later in the day. According to the Federal Reserve Act, the Federal Reserve Board is supposed to submit written reports to congress. The report states the conduct of monetary policy, economic developments, and prospects for the future.
Nasdaq 100 index has been on a two-day losing streak. However, large technology stocks were among the best performers of the week. The index is set to open the markets lower.
Markets have recently grown skittish following several concerns. Despite successful vaccination rollout in the United States, investors are still worried that the Delta variant could cause hiccups in the global economic recovery.
Supply chain bottlenecks as well as concerns about the labor market are also weighing on the economic stance. US initial jobless claims for the week ending July 3 rose 2,000 to 373,000. Continuous jobless claims dropped 145,000 to 3.4 million, the lowest level since March 2020.
US Treasury bond yields bounced back after hitting all-time lows on Thursday. US 10-year bond yield snapped out of its four-day losing streak and edged higher to 1.346%.
Oil prices are headed for a weekly loss after being whipsawed by the OPEC+ dispute. The prices soared to all-time highs after the OPEC meeting was called off but took a nosedive later in the day. however, WTI Crude oil was up 1.04% to $73.70 per barrel while Brent crude rose 0.8% to 74.72 per barrel on Friday.
Carver Bancorp gained 21.97% in its stock earnings making it the best performer in premarket trading. The firm’s stock more than tripled on Thursday as individual investors aimed at the company. They hoped to force those who bet against the stock to unwind their positions and push the prices higher.
Didi’s stock price bounced back from its losing streak in pre-market trading on Friday. The company’s stock price gained 3.21%. The Chinese ride-hailing company was sued in the United States and is currently under a security review by Chinese regulators.
The Bank of America was up by 1.50% in the premarket. The bank’s stocks traded higher as US bond yields bounced back easing concerns about a slowdown in the recovery of global economies.
Levi Strauss gained 3% in its stocks. The denim maker’s shares went up after beating economists’ expectations. The company reported adjusted earnings of 23 cents per share on revenue of $1.28 billion.