From the Wall Street Journal’s “Stock Futures Tick Up Ahead of Retail Sales Data” posted Friday morning:
U.S. stock futures edged up ahead of retail sales data that are expected to provide fresh insight into the strength of the American consumer.
Futures tied to the S&P 500 added 0.2%, with the broad-market index on track for its worst weekly performance in a month. Nasdaq-100 futures also advanced 0.2%, pointing to muted gains in technology stocks after the opening bell.
Shares of Intel rose 0.6% in after hours trading when The Wall Street Journal reported that the semiconductor giant was exploring a deal to acquire chip maker GlobalFoundries for around $30 billion.
U.S.-listed Chinese ride-hailing firm Didi Global tumbled 7% in premarket trading after state security and police officials were sent to the company’s offices Friday as part of a cybersecurity investigation…
Stocks traded choppily this week as investors digested a higher-than-expected inflation reading Tuesday. This was followed by Federal Reserve Chairman Jerome Powell seeking to reassure markets that the central bank sees the rise in prices as uncomfortable but transitory and isn’t in a hurry to adjust its supportive policies.
“The Fed is still being pretty patient, Powell has made it clear that they will remain pretty accommodative for some time,” said Salman Baig, a multiasset investment manager at Unigestion. “That’s a relatively good environment for risk taking—good growth, bond yields being relatively stable, investors will be OK with taking on more risk.”
My take: Red without much conviction.