Stock futures rise slightly as Wall Street looks to break losing streak

Equity futures rose on Thursday night as Wall Street looked for a rare positive week in what has been a difficult first half.

Futures pegged to the Dow Jones Industrial Average rose 61 points, or 0.2%. S&P 500 futures rose 0.26%, while Nasdaq 100 futures advanced 0.41%.

The moves in futures come as the stock market appears to have found some stability this week, at least in the short term. After a rally on Thursday afternoon, the S&P 500 is up 3.3% on the week, while the Nasdaq is up 4% and the Dow is up 2.6%.

All three averages are looking to break three-week losing streaks.

Economic data will be an important focus on Friday as investors try to determine whether the US economy is slipping into recession. New home sales data is due to be released at 10 am ET and the University of Michigan’s final consumer opinion report for June will be released later in the day.

“Recession talks remain the focal point on Wall Street and that means any stock market rally is likely to be short-lived,” Ed Moya, senior market analyst at Oanda, said in a note. “Wall Street won’t have any answers anytime soon to questions about when will inflation peak, how soon will we see a recession and how high will the Fed raise rates?”

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The consumer sentiment reading could be particularly important for investors, as Federal Reserve Chair Jerome Powell said a surprising drop in the preliminary reading was one of the reasons the central bank raised its policy rate by three. quarters of a percentage point earlier this month. .

On the corporate front, FedEx shares rose in protracted trading despite a mixed fourth-quarter report after the logistics company delivered an upbeat earnings forecast. Carnival Cruise Line is scheduled to launch an updated deal on Friday morning.

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