S&P 500 futures were relatively unchanged on Friday, a day after the major averages rose following Wednesday’s first Federal Reserve interest rate hike in three years.
Futures for the Dow Jones Industrials slid 32 points, or 0.1%, to 52,188.
Futures for the much broader index advanced seven points, or 0.1%, to 7,714.
Futures for the NASDAQ Composite jumped 93 points, or 0.3%. to 29,836.
Stocks posted a comeback one day after the Fed’s decision to raise rates by a quarter percentage point — with the suggestion of at least one more rate increase this year — drove major market averages sharply lower Wednesday.
But Thursday’s rally — especially in technology stocks — implies many investors are looking past the prospect of a higher-for-longer rate, or inflation, environment, returning instead to an artificial intelligence story that should continue to bolster corporate profits.
The week concludes Friday with more commentary from Fed officials. Fed Governor Michelle Bowman, a permanent voting member of the policy-setting Federal Open Market Committee, and Kansas City Fed President Jeffrey Schmid, a non-voting member, are set to speak.
Investors will look for greater clarity into policymakers’ thinking behind Wednesday’s unanimous vote for an interest rate hike.
Apple is poised to continue rallying on its next wave of iPhone launches, according to Evercore ISI.
The investment firm has an outperform on the smartphone maker. It raised its price target to $380 from $365, suggesting nearly 13% upside from Thursday’s close.
The major stock averages are on pace for a mixed week. As of Thursday’s close, the Dow Jones Industrial Average was down by 1.5% this week, on track for a third straight losing week. The S&P 500 was also lower week-to-date, by 0.3%. Only the tech-heavy NASDAQ Composite was set to enter Friday’s trading showing weekly gains, up 0.3%.
In Japan, the Nikkei 225 index gained 1.4% Friday, while in Hong Kong, the Hang Seng tacked on 0.6%.
Oil prices dished off 61 cents to $101.30 U.S. a barrel.
Gold prices brightened $22.80 to $4,422.50 U.S an ounce.
