Advertisment
Stock futures were lower Friday morning, as Wall Street headed for a losing week amid concern that the Federal Reserve could raise rates more than expected.
Futures for the Dow Jones Industrials shed 29 points, or 0.1%, to 34,819.
Futures for the S&P 500 fell back four points, or 0.1%, to 4,501.25.
Futures for the NASDAQ slipped 23.25 points, or 0.2%, to 15,454.
Shares of e-signature stock DocuSign rose 3% in the pre-market after the company beat second-quarter estimates on the top and bottom lines and posted rosy third-quarter guidance. RH dropped 8% as the home furnishings company reported soft guidance for third-quarter revenue.
Heading into Friday’s session, the Dow was down nearly 1% for the week and S&P 500 was behind 1.4% for the last four sessions since Labor Day. The NASDAQ has lost 2% in that time.
Renewed fears over more rate hikes from the Federal Reserve were further justified as initial jobless claims came in at 216,000 — lower than the 230,000 anticipated by economists polled by Dow Jones. Investors are calling for roughly one-in-two odds that policy makers will raise rates in November as of Thursday night.
Shares of Vir Biotechnology fell nearly 4% in the pre-market after Bank of America downgraded them to neutral from buy. The bank also slashed its price target on the stock to $14 from $23. The new target implies upside of 21%.
In Japan, the Nikkei 225 index dropped 1.2% Friday, while in Hong Kong, severe weather concerns shut down trading Friday.
Oil prices moved ahead 71 cents to $87.58 U.S. a barrel.
Gold prices gained $4.40 to $1,946.90 U.S. an ounce.
