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U.S. stock futures fell Friday morning as the S&P 500 tries to snap a four-week losing streak caused by trade policy turmoil, recession fears and a rollover in megacap technology shares.
Futures for the Dow Jones Industrials plunged 141 points, or 0.3%, to 42,145
Futures for the S&P 500 index dipped 18.75 points, or 0.3%, to 5,694
Futures for the tech-heavy NASDAQ plummeted 87.5 points, or 0.4%, to 19,791.75.
Nevertheless, the S&P 500 is on pace for a 0.4% advance week to date, and it’s about to break a four-week losing streak. The benchmark briefly fell into correction territory at one point during the monthlong rout.
It sits about 8% from its record high going into Friday, short of the 10% correction level, as it tried to mount a comeback from the turmoil.
The bulk of the market’s gains came on Wednesday when Federal Reserve policymakers kept their forecast for two rate cuts this year.
The Dow is on track for a 1.1% gain this week, marking its best weekly performance since late January. The NASDAQ, however, is off about 0.4% in the period, heading for its fifth straight losing week and its longest stretch of weekly losses since May 2022.
FedEx shares were weighing on sentiment, with shares of the important transportation company to the economy down 9% in early trading Friday. FedEx cut its earnings outlook, citing “weakness and uncertainty in the U.S. industrial economy.”
Nike shares were off by 7% in premarket trading after the shoe and apparel giant said sales this quarter would miss analysts’ expectations because of tariffs and falling consumer confidence.
In Japan, markets resumed trading Friday, with the Nikkei 225 index falling 0.2%, while in Hong Kong, the Hang Seng shed 2.2%.
Oil prices let go of three cents to $68.04 U.S. a barrel.
Gold prices shed $2.50 to $3,041.30 U.S. an ounce.
