Investing.com – U.S. futures surged on Friday, as investors looked ahead to the start of third quarter earnings season after a volatile week.
S&P 500 futures was up 28 points or 1.03% to 2,773.75 as of 6:52 AM ET (10:52 GMT) while Dow futures were up 238 points, or 0.95%, to 25,423.0. Meanwhile futures on the tech heavy Nasdaq 100 increased 113 points, or 1.61%, to 7,144.25.
All three indexes consistently closed in the red this week as rising Treasury yields and worry over inflation lead to an equity sell-off.
U.S. President Donald Trump blamed the Federal Reserve’s uptick in interest rates for the fall in stock prices.
"It's a correction that we've been waiting for for a long time, but I really disagree with what the Fed is doing,” he said.
In earnings news, Wells Fargo (NYSE:WFC) and Citigroup (NYSE:C) are expected to report earnings results before the opening bell. JPMorgan (NYSE:JPM) was up 0.90% in premarket trading after its financial results came in better than expected.
Technology stocks were among the top gainers in premarket trading, with Facebook (NASDAQ:FB) up 1.17% and Snap surging 2.93% while Microsoft (NASDAQ:MSFT) gained 2.92%. Tesla (NASDAQ:TSLA) increased 2.69% while Square (NYSE:SQ) jumped 6.84%.
In Europe stocks were mostly up. Germany’s DAX rose 42 points or 0.37% while in France the CAC 40 was up 23 points or 0.45% and in London the FTSE 100 gained 41 points or 0.58% . Meanwhile the pan-European Euro Stoxx 50 inched up 6 points or 0.19% while Spain’s IBEX 35 dropped 30 points or 0.34%.
In commodities, gold futures fell 0.28% to $1,224.20 a troy ounce while crude oil futures increased 0.75% to $71.50 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.10% to 94.78.
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