Stock index futures march higher on Friday morning while yields take a step lower as market participants look to retake back some of the losses that were incurred on Thursday.
Early on and the S&P 500 (SPX) has moved higher by 0.5%, the Dow (INDU) picked up 0.4%, and the Nasdaq 100 (NDX.IND) is ahead by 0.5%.
Treasury yields retreat in premarket trading. The U.S. 10 Year Treasury yield (US10Y) has have fallen 5 basis points to 3.69%, and the U.S. 2 Year Treasury yield (US2Y) has dipped by 2 basis points to 4.14%.
On an economic front, markets are set to receive personal income and spending data for August before the bell. Shortly after the start of Friday’s session, Wall Street will also get Chicago PMI figures, and final consumer sentiment figures for September.
UBS’s Paul Donovan highlighted: “The US September personal consumer expenditure deflator is due. This used to be the US Federal Reserve’s main inflation focus, until Fed Chair Powell elevated the focus on the unworthy consumer price inflation measure in the June policy errors.”
“US consumer spending data will get some attention (especially the details, as consumer spending patterns have been unusual post pandemic). Japanese retail sales data surprised positively, although durable goods related areas remain subdued.”
Among active stocks, shares of Nike have dropped to new trading lows after efforts to clear inventory hit margins according to its latest FQ1 earnings report.