US stock futures showed an upward trend on Friday, with S&P 500 contracts increasing by 0.3%, Nasdaq 100 futures advancing by 0.2%, and Dow Jones futures rising by over 240 points. This positive shift followed Thursday's significant declines, as market sentiment improved after the New York Federal Reserve President Williams suggested potential for the Federal Reserve to lower rates in the near future amid indications of a weakening labor market. The likelihood of a rate cut in December has surged to approximately 64%.
Leading tech companies experienced gains in premarket trading, with Apple and Microsoft each up by 0.2%, Amazon increasing by 0.6%, Meta by 0.1%, Alphabet by 1.2%, and Tesla by 1%. Intuit's shares also climbed over 2.8% following the release of earnings and revenue that exceeded expectations. Nonetheless, there were ongoing concerns regarding inflated AI valuations. Nvidia's stock remained under strain, decreasing by 0.2% in premarket after a 3.2% drop on Thursday, while Oracle also saw a slight decline of 0.5%.
For the week, the S&P 500 had fallen by 2.9%, the Dow Jones had dropped nearly 3%, and the Nasdaq had lost 3.6%.
