Futures linked to the Nasdaq and the S&P 500 increased on Friday due to dovish remarks from Federal Reserve officials, which followed a spike higher in the previous session on a report indicating a strong labour market.
According to Reuters, chipmaker Nvidia led premarket gains in megacap technology stocks, rising 1.4 percent.
Global markets have also steadied after plunging earlier this week due to a yen surge and the unwinding of currency carry trades following the Bank of Japan’s surprise rate hike. Wall Street’s “fear gauge,” the CBOE Volatility Index, dropped from a high of 65.73 points at the beginning of the week to 23.62 points.
Nevertheless, every major index was slated for weekly losses, with the Nasdaq and the S&P 500 poised for a fourth consecutive week of declines. Based on CME’s FedWatch Tool, money markets are evenly split on whether the Fed will cut rates by 25 or 50 basis points in September.
Elf Beauty saw a decline of 8.6 percent in its individual stock after lowering its forecast for annual sales and profit and threatening to increase product prices in the event that Republican presidential candidate Donald Trump wins the election and imposes higher tariffs on Chinese imports.
Take-Two Interactive Software increased 6.2 percent as it anticipates increased net bookings in the upcoming fiscal years 2026 and 2027. This is due to the video game publisher preparing for the much anticipated release of “Grand Theft Auto VI” in 2019.
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