U.S. stock futures edge lower as investors await debt-ceiling news, inflation data
U.S. stock futures edged lower Friday as debt-ceiling concerns still reverberated with inflation data set for release.
- Dow Jones Industrial Average futures fell 24 points, or 0.1%, to 32782.
- S&P 500 futures dropped 6 points, or 0.1%, to 4154.
- Nasdaq 100 futures decreased 10 points, or 0.1%, to 13967.
On Thursday, the Dow Jones Industrial Average fell 35 points, or 0.11%, to 32765, the S&P 500 increased 36 points, or 0.88%, to 4151, and the Nasdaq Composite gained 214 points, or 1.71%, to 12698.
What’s driving markets
Tech stocks surged on Thursday after Nvidia’s optimistic, artificial intelligence-fueled outlook that saw the chipmaker’s stock leap 24%.
Another microchip maker, Marvell Technology rose in premarket trade after saying AI has emerged as a key growth driver.
But beyond the AI frenzy, concerns lingered that the U.S. would not agree to raise the debt ceiling, though reports indicate progress in talks between President Joe Biden and House Speaker Kevin McCarthy. House Republicans have already left Washington ahead of the holiday weekend.
While Treasury Secretary Janet Yellen says the U.S. could run out of money as early as June 1, other projections estimate the federal government may have until the middle of the month.
“I think we’ll all be able to exhale by mid-June, although it will likely be an increasingly volatile market environment between now and then,” said Kristina Hooper, chief global market strategist at Invesco. “Once that drama recedes, I think all eyes will be back on central banks.”
The Fed’s preferred inflation measure, the PCE price index, is due for release at 8:30 a.m. Eastern, alongside personal income and consumer spending numbers.