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Blue-chip U.S. stocks looked set to edge higher on Friday, with investors on the hunt for further catalysts that could extend the stellar equity rally sparked by the U.S. and China agreeing to scale back tariffs.
Futures tracking the Dow Jones Industrial Average climbed 37 points, or 0.1%. S&P 500 futures and contracts tied to the tech-heavy Nasdaq 100 were also 0.1% higher.
The Dow and the S&P 500 rose on Wednesday, but the Nasdaq fell in a session where the “Magnificent Seven” megacap tech names struggled. Stocks surged at the start of this week after Washington and Beijing brokered a deal to cut levies, but investors are now wondering where the next bit of good news will come from.
“The chief driver of global markets this week has been improving U.S. trade relations, especially with China,” Kathleen Brooks, research director for the online broker XTB, said. “However, as we end the week, this is fading… Today’s price action could tell us if there is appetite for a move back to the record highs from February.”
Economic data on consumer confidence is due Friday. It comes a day after retailer Walmart warned that tariffs could lead to higher prices in the months ahead.
The yield on the benchmark 10-year U.S. Treasury note retreated 2 basis points to 4.411% Friday. The U.S. dollar index, which tracks the greenback against a basket of six other currencies, was down 0.3%. Bitcoin, the world’s largest crypto token by total market capitalization, was up 0.8% to just under $104,000.
