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Market Update: US Stock Futures on Track for Weekly Gains
US futures moved higher in early Asian trade on Friday, extending a mostly positive session yesterday as investors cheered strong local labor market data. Americans filing new claims for unemployment benefits dropped by 38K to 406K last week, the lowest level since the pandemic first hit the labor market in March 2020. The strong data also bid long term bond yields, with local 10-year rates lifting to 1.611%. Among stocks, Salesforce shares gained 4.24% in extended trading after the software companys first-quarter earnings beat Wall Street expectations. Meantime, market participants will be keenly monitoring Friday’s April PCE report. The Fed’s preferred inflation measure is seen jumping to 2.9% in April, the highest since 1993. The Dow Jones Industrial Average rose 141.59 points, or 0.41%, to 34,464.64 lifting 0.75% weekly, the S&P 500 gained 4.89 points, or 0.12%, to 4,200.88, up 1.08% and the Nasdaq Composite dropped 1.72 points, or 0.01%, to 13,736.28 gaining 2% weekly. [/s2If]
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