All three major indexes are poised to break with three weeks of losses, as investors in part bet that recession threats will stop Fed hikes sooner than later.
U.S. stock futures were pointing to more gains on Friday, with major indexes set to break with three straight weeks of losses, helped by some calm over prospects for rising interest rates and bargain hunting, notably among tech stocks.
How are stock-index futures trading? On Thursday, the Dow industrials DJIA climbed 194.23 points, or 0.6%, to end near session highs at 30,677.36, after moving between gains and losses. The S&P 500 SPX rose 1% to end at 3,795.73. The Nasdaq Composite COMP increased 179.11 points, or 1.6%, closing at 11,232.19.
Behind part of the renewed vigor for stocks have been cooling bond yields, with that of the 10-year Treasury note TMUBMUSD10Y down on the week. In his second day of testimony on Capital Hill, Powell said he doesn’t think a recession is inevitable, but that he does have an “unconditional” commitment to fight inflation. He has also said the Fed hopes to rein in higher prices without sparking an economic downturn.
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