Advertisment
U.S. stock futures bounced early on Friday cutting into losses from earlier in the week that have sent the S&P 500 to the cusp of a bear market and the Dow Jones Industrial average on pace for its eighth negative week in a row.
Futures for the blue-chip flew 287 points, or 0.9%, to 31,489.
For the week, the Dow is off by 2.9% for what would be its first eight-week losing streak since 1932 as relentless selling has taken over Wall Street the last two months.
Futures for the S&P 500 acquired 45.25 points, or 1.2%, to 3,943.25.
The S&P 500 fell 0.6% on Thursday and is now about 19% below a record closing high set in early January. This would be the first bear market — defined by many on Wall Street as a 20% drop from a high — since the pandemic decline of March 2020.
Futures for the NASDAQ Composite Index popped 184.5 points, or 1.6%, to 12,062.75.
The NASDAQ and S&P 500 are on pace to fall for a seventh-straight week.
Futures may have gotten a boost after China overnight cut a key benchmark rate for mortgages as COVID shutdowns hit the economy.
Rate increases from the Federal Reserve and central banks around the world to fight inflation have been the main culprit behind the two-month stock market slide. China’s Shanghai Composite Index rose 1.6% following the move.
Ross Stores was the latest retailer to fall after posting earnings. The stock was down more than 28% in premarket trading. CEO Barbara Rentler said that “following a stronger-than-planned start early in the period, sales underperformed over the balance of the quarter.”
In Japan, the Nikkei 225 grew 1.3% Friday. In Hong Kong, the Hang Seng spiked 3%.
Oil prices jumped 59 cents to $112.80 U.S. a barrel.
Gold prices dipped 80 cents to $1,840.40 U.S. an ounce.
