By Medha Singh
(Reuters) – Futures for US stock indices rose 1% on Friday, as hopes for more stimulus from central banks helped lift some grief in what has been a turbulent week for the markets.
main Wall Street indices are on track for their third week of decline after the inversion of a US yield curve on Wednesday pointed to a looming recession. [US/]
China said overnight it planned to trigger stimulus to stimulate an economic downturn. Investors also looked forward to interest rate cuts from the Federal Reserve and the European Central Bank next month to combat softening economic growth.
Among stocks, Nvidia Corp (O 🙂 jumped 6% in trading on the premarket after posting better-than-expected quarterly profits and revenues.
Other semiconductor shares, including Advanced Micro Devices Inc (O :), Micron Technology Inc (O :), Intel Corp (O :), were up between 1
At 7:02 am ET, was up 251 points, or 0.98%. The S&P 500 e-minis increased by 28.5 points, or 1%, and increased by 96.75 points, or 1.29%.
US retail trade surveillance data on Thursday overshadowed conflicting trade signals. President Donald Trump said both sides were holding "productive" trade talks even as Beijing vowed to take the necessary countermeasures against the latest Chinese goods tariff.
The drawn-out trade war between the world's largest economies and fears of the fall in global growth has led to a fall of more than 4% in the three major indices this month.
Interest-rate lenders, including Bank of America Corp. (N :), Citigroup Inc (N :), JPMorgan Chase & Co (N :), and Morgan Stanley (N: ), rising above 1% as US government bond yields declined the lowest. [US/]
The so-called FAANG group – which includes Facebook Inc (O :), Amazon.com Inc (O :), Apple (O :), Netflix Inc (O 🙂 and Google -parents Alphabet Inc (O 🙂 – achieved between 1.2% and 1.6%.
Deere & Co (N 🙂 shares fell 2.8% as the farm equipment manufacturer cut full-year profit and sales growth forecasts.
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