As the bell approaches on Friday, Wall Street futures exhibit a moderate uptick, reflecting traders' pursuit of value following recent declines and the evolving trade policies under the Trump administration. In the futures market, notable gains include a 0.3% increase in the S&P 500, a 0.5% incline in the Nasdaq, and a 0.2% rise in the Dow Jones.
Investors are keenly awaiting the release of the national jobs report for February, scheduled for 8:30 am ET, with analysts predicting an addition of 160,000 new jobs to the economy. At 12:30 pm ET, Federal Reserve Chairman Jerome Powell is set to address the University of Chicago Booth School of Business, presenting insights into the "Economic Outlook" which will be highly anticipated among market participants.
Meanwhile, Asian markets experienced a downward trend overnight, influenced by a stronger yen and ongoing international trade concerns. In Europe, stock markets also tracked lower as midday trading continued on the continent. A significant development in the pre-bell trading came with Broadcom, Incorporated, witnessing a remarkable pre-market surge of 12.3% after the chipmaker reported impressive Q4 results alongside an optimistic guidance outlook released late Thursday.
Conversely, Hewlett Packard Enterprise saw a substantial decline of 19.8% in pre-bell activity, following their Q4 earnings report that met expectations but delivered cautious guidance which spooked investors. Algonquin Power & Utilities is also on investors' radar, preparing to announce its earnings before the market opens.
Additionally, the economic calendar notes that the Baker Hughes domestic oil-and-gas rig count is set to be published at 1 pm ET. Attention turns to comments from key officials in the Federal Reserve; President of the New York Fed, John Williams, along with Governor Michelle Bowman, is scheduled to speak at 10:15 am, while Governor Adriana Kugler will deliver insights at 12:20 pm and again at 1 pm. In pre-market trading today, Bitcoin is registering at $89,016, while West Texas Intermediate crude oil sees an upward movement at $67.28.
Ten-year US Treasuries yield 4.27%, and spot gold is valued at $2,919 per ounce, continuing to reflect a vibrant market landscape. Investors are closely monitoring the performance of $US30 and $US500 as they evaluate the evolving economic environment..