US equity futures showed positive movement before Friday's opening, following the S&P 500's recent performance which placed it in correction territory. The Standard & Poor's 500 futures noted an increase of 0.6%, making a recovery after a stark 1.4% decline on Thursday that pushed the index down by 10.1% from its latest record close.
This drop officially marks a correction in the market. The Dow Jones Industrial Average also saw an uptick of 0.4%, while the Nasdaq composite added 0.8% in premarket trading. In Asia, the majority of stock exchanges moved upward, reflecting a more positive sentiment, while European markets were also on the rise by midday.
However, the overall market sentiment has been dampened over recent weeks due to rising uncertainties surrounding tariffs, igniting concerns among investors. According to the latest report from the Bureau of Labor Statistics, producer prices in the US remained flat last month, indicating a slowdown in wholesale service costs, which is significant for economists tracking inflation trends.
Additionally, data released earlier in the week revealed that consumer inflation in February decelerated more than anticipated, suggesting a possible easing of financial pressures. Among notable stock movements, DocuSign ($DOCU) experienced a remarkable 10% increase in pre-opening trading, following the announcement of its strong fiscal fourth-quarter results which surpassed market expectations.
Similarly, Ulta Beauty ($ULTA) saw an increase of 7.2%, thanks to its quarterly results that exceeded analysts' projections. Conversely, shares of Li Auto ($LI) found themselves falling by 4.9% ahead of the open, following a bleak revenue forecast for the current quarter from the Chinese electric vehicle manufacturer.
Other companies such as WeRide ($WRD), RLX Technology ($RLX), and Buckle ($BKE) are also set to announce their latest financial results before the market bell rings. Looking at the economic calendar, investors will be keenly watching the preliminary consumer sentiment report from the University of Michigan for March, scheduled for 10 am ET.
This will be followed by the weekly Baker Hughes domestic rig count report at 1 pm, which will provide further insight into the oil and gas sector’s performance. Before the opening bell, bitcoin prices surged by 3.6%, reaching $83,218, while West Texas Intermediate crude oil rose nearly 1% to $67.20 per barrel.
Additionally, yields on 10-year Treasury bonds climbed by 2.1 basis points, nearing 4.3%, and gold prices edged up by 0.5%, settling at $3,008 per ounce..