U.S. stock futures pointed to another day of losses Friday as investors absorbed the message of Fed Chair Jerome Powell that the central bank may not pursue rate cuts aggressively.
Dow Jones Industrial Average futures fell 204 points, or 0.5%, to 43697.
S&P 500 futures dropped 38 points, or 0.6%, to 5940.
Nasdaq-100 futures decreased 188 points, or 0.9%, to 20824.
On Thursday, the Dow Jones Industrial Average fell 207 points, or 0.47%, to 43751, the S&P 500 declined 36 points, or 0.6%, to 5949, and the Nasdaq Composite dropped 123 points, or 0.64%, to 19108.
Powell on Thursday said the Fed would approach rate decisions “carefully” due to the economy’s strength. “Whether he made this statement purely based on the latest incoming macro data or whether he is making a case for not cutting rates as a precautionary statement before January 20th will remain his secret,” said analysts at DWS Investment.
Retail sales data is the highlight of Friday’s economics calendar, as investors look ahead to Nvidia results next week.
The release of 13-F filings of major investors also was moving markets, notably Domino’s Pizza which jumped 8% after Warren Buffett’s Berkshire Hathaway disclosed it bought stock in the pizza chain.