HG MARKETS:
As investors looked to bounce back from this week’s earlier sell-off, U.S. stock futures were largely flat on Friday. S&P 500 futures decreased by 0.02%, while Nasdaq-100 futures fell by 0.11%. Concurrently, there were slight decreases observed in Dow Jones Industrial Average futures. In business news, Paramount Global’s stock increased by more than 6% following the company’s announcement of plans to lay off 15% of its US workers and the release of earnings that greatly beyond forecasts. On the other hand, after issuing cautious future guidance, shares of E.l.f. Beauty fell by about 9%. During Thursday’s trading session, stocks showed significant recovery following a steep decline earlier in the week. Weekly unemployment claims data, which allayed investor fears about the US labor market and the economy as a whole, served as a catalyst for this rebound. The Dow Jones increased by almost 683 points, or nearly 1.8%, while the S&P 500 surged 2.3%, the highest level since November 2022. Known for its tech-heavy makeup, the Nasdaq Composite increased by 2.87%. Investors have been attempting to regain market momentum in the wake of the substantial worldwide sell-off on Monday. The unwinding of the Japanese yen carry trade, worries about the Federal Reserve’s possible delay in rate cuts, and the dismal U.S. payroll numbers that were reported last Friday all contributed to this decline. Despite these difficulties, investors have begun to purchase the dip and seem to see the retreat as a necessary correction. Even after the robust rally on Thursday, the major indices are still below for the week. The Nasdaq and Dow are down by 0.7% and the S&P 500 has dropped by 0.5%, respectively. Both the S&P 500 and the Nasdaq are headed for their fourth straight losing week.