March 29, 2024

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Stock futures rose slightly ahead of Friday's session

Stock futures gain as S&P 500 heads for 4th straight week on hopes inflation will peak

Stock futures rose on Friday as the S&P 500 index headed for its fourth consecutive positive week on hopes that inflation would peak.

Dow-related futures rose 150 points, or about 0.4%, while S&P 500 futures rose 0.5% and Nasdaq 100 futures rose 0.6%.

The S&P 500 rose 1.5% during the week, helped by a rally earlier in the week after a softer-than-expected consumer price report. This will be the longest streak of weekly gains for the S&P 500 since November 2021. A report later in the week on wholesale prices confirmed speculation that the inflation trend may turn downward, which could eventually slow the Fed’s violent tightening campaign. .

The Dow is up 1.6% this week, while the Nasdaq Composite is up 1%. As for the Nasdaq, it is also the fourth positive week in a row.

“The flow of fundamental news remains bullish, with the economy entering a period of inflation while earnings and growth hold up better than expected,” Vital Knowledge’s Adam Crisavoli wrote in a morning note.

This week’s moves extended to The market is rising from its lows in mid-June. The S&P 500 is up 14.7% since the lows, while the Dow is up 11.5% and the Nasdaq Composite is up 20.0%.

On the economic front, import prices showed a larger-than-expected drop in July, adding another positive data point for inflation. Consumer confidence data is due later on Friday.

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