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U.S. equity futures rose slightly on Friday, as Wall Street gets set to wrap up a volatile week of trading, as a surge in Treasury yields rippled through financial markets.
Futures for the Dow Jones Industrials jumped 115 points, or 0.2%, to 51,832.
Futures for the S&P 500 hiked 21.25 points, or 0.3%, to 7,788.25.
Futures for the NASDAQ Composite progressed 176.50 points, or 0.6%. to 30,943.25.
Costco Wholesale posted fourth-quarter results that surpassed estimates. Adjusted earnings of $6.60 per share and revenue of $95.72 billion topped the LSEG consensus call for $6.53 a share and $94.86 billion. Shares were last marginally higher.
The Dow is heading for a fourth consecutive losing week, down 0.6% through Thursday’s close. The S&P 500 is on track for a 0.7% advance, while the NASDAQ is up 1.6% week to date.
The drama continued in the bond market, where the 10-year Treasury yield climbed to 5.225% late Thursday, the highest level since 2007, while the 30-year yield reached 5.502%.
This week’s ascent in yields was fueled by hawkish comments from Federal Reserve Governor Michael Barr, persistently high energy prices due to the Iran war, and a hot purchasing managers’ report. Fed funds futures trading suggests a roughly 68% likelihood of a rate hike in October.
Going into Friday, traders will be eyeing the University of Michigan consumer sentiment report and durable goods data.
Oil prices capsized $1.75 to $92,86 U.S. a barrel.
Gold prices piled on $50.70 to $4,348.70 U.S an ounce.
