US equity futures edged higher on Friday, partially reversing the prior session’s losses that had pushed the major indices to their lowest levels since November. Markets continued to assess how the recent spike in global energy prices will affect corporate margins and the path of interest rates. Futures on all three major indices were up about 0.4%.
Heightened tensions between Iran and the United States kept alive the risk of a prolonged halt to energy exports from the Persian Gulf. Benchmark crude prices held near recent highs despite signals of a coordinated stockpile release by the IEA and the US decision to ease sanctions on Russia.
Yields have risen sharply since the start of the month, weighing on rate- and credit-sensitive sectors. Semiconductor leaders traded higher, extending their relative outperformance this week following upbeat results from Oracle and TSMC. Asset managers were also mostly higher in premarket trading, rebounding after yesterday’s steep declines triggered when Morgan Stanley moved to cap redemptions in its private credit funds.
