Stocks are poised to open solidly higher Friday, one day after the S&P 500 tumbled into correction for the first time since 2023 amid investor concerns about the impact of tariffs and and the outlook for the U.S. economy.
Futures tied to Dow Jones Industrial Average were up 0.7% in recent trading, while those linked to the S&P 500 and tech-heavy Nasdaq rose 1% and 1.4%, respectively. Major indexes are coming off steep losses Thursday, putting the S&P 500 on pace for its worst weekly performance in two years. The benchmark index has shed 10.1% since hitting its all-time high just over three weeks ago as President Trump’s moves to impose tariffs have heightened fears that inflation could reaccelerate and economic growth could stall.
Investors will be paying close attention this morning to consumer sentiment data, scheduled for release at 10:00 a.m. ET. The University of Michigan’s Index of Consumer Sentiment fell nearly 10% in February from the month before, and economists expect that today’s reading will show a further decline.
Market participants are also keeping close tabs on developments in Congress as a possible government shutdown looms.
Shares of the world’s largest technology companies were higher across the board in pre-market trading Friday, led by gains of about 3% for chipmakers Nvidia (NVDA) and Broadcom (AVGO). Shares of Facebook parent Meta Platforms (META), which dropped nearly 5% yesterday, were up 2% this morning, as were shares of EV maker Tesla (TSLA). Apple (AAPL), Microsoft (MSFT), Amazon (AMZN) and Alphabet (GOOG) also gained ground.
Among other noteworthy tech gainers, AI investor favorites Palantir (PLTR), marketing platform AppLovin (APP) and Super Micro Computer (SMCI) were each up about 4% ahead of the bell.
Strategy (MSTR), formerly known as MicroStrategy and one of the world’s biggest holders of bitcoin, was up 4%, as the digital currency rebounded. Crypto exchange Coinbase Global (COIN) and trading platform Robinhood Markets (HOOD) rose 3% and 4%, respectively.
Bitcoin was trading at $83,200 in recent trading, after falling below $80,000 yesterday afternoon.
Gold futures were up 0.6% at $3,010 an ounce, trading at record-high levels, while West Texas Intermediate futures, the U.S. crude oil benchmark, added 1% to $67.20 per barrel.
The yield on the 10-year Treasury note, which has fallen in recent weeks as economic concerns have mounted, was at 4.32% recently, up from 4.28% at yesterday’s close.