U.S. stock futures fell Friday, with technology stocks poised to lead the losses on Wall Street as investors digested more earnings disappointments in the sector and waited for a consumer sentiment survey.
How are stock-index futures trading
S&P 500 futures
fell 17.5 points, or 0.4%, to 4,073.75
Dow Jones Industrial Average futures
dropped 83 points, or 0.2%, to 33,651
fell 108.5 points, or 0.8%, to 12,316.25
On Thursday, the Dow Jones Industrial Average
declined 249.13 points, or 0.7%, to end at 33,699.88 and the S&P 500
fell 0.9% to finish at 4,081.50. The Nasdaq Composite
fell 1% to finish at 11,789.58 and notched its second-biggest blown gain of the year.
What’s driving the markets?
Investors have been balancing their attention between economics and earnings this week, with the University of Michigan consumer sentiment index for February coming at 10 a.m. Eastern, followed by the federal budget at 2 p.m.
In between, Fed. Gov. Christopher Waller will speak at 12:30 p.m., followed by Philadelphia Fed. President Patrick Harker at 4 p.jm. Stocks have endured some pressure this week following hawkish remarks from Fed officials such as New York President John Williams and the Fed’s Waller.
But stocks have avoided deeper losses, say some, as Fed Chair Jerome Powell, speaking earlier this week, mostly didn’t stray from his view that a “disinflationary process has begun.” The next big spotlight for markets will come Tuesday when investors will get an update on consumer prices for January.
Meanwhile, the Treasury curve, as measured by the spread between 2-
and 10-year Treasury yields
narrowly missed finishing the New York session with its most negative reading since October 1981 on Thursday.
Fresh signs of strain on the consumer showed up via earnings from Lyft Inc.
whose shares slid 30% in premarket trading after the ride-hailing company posted record revenue but a disappointing forecast. The company said it would reduce head count, joining droves of other tech companies that have cut thousands of jobs.
Investors have endured selling for big tech names this week, such as Google-parent Alphabet Inc.
whose shares have tumbled 9% this week after a test of its AI chatbot system showed an inaccurate answer to a search query. Artificial intelligence has become one of the hottest new areas of the stock market for investors.