© Reuters.
By Peter Nurse
Investing.com — U.S. stocks are seen opening higher Friday, attempting to end a turbulent week on a positive note with monetary policy easing by China helping global sentiment.
At 7 AM ET (1100 GMT), the contract was up 280 points, or 0.9%, traded 42 points, or 1.1%, higher and climbed 175 points, or 1.5%.
The main equity indices on Wall Street have been under pressure this week as weak quarterly numbers from the likes of Target (NYSE:) and Walmart (NYSE:) pointed to consumers easing back on discretionary spending in the face of rising prices for food and fuel.
The blue-chip is down 2.9% so far this week, while the tech-heavy and the broad-based have both dropped over 3%. The S&P is on course to end a week below 4,000 points for the first time since March 2021, standing more than 19% below its all-time high, within touching distance of entering bear market territory.
Market sentiment was boosted earlier Friday by the news that China’s central bank cut its by a more-than-expected 15 basis points, attempting to stimulate the world’s second largest economy and a major trading partner.
That said, it’s debatable how long this positive tone will last, with Ross Stores (NASDAQ:) becoming the latest retailer to report disappointing quarterly earnings after the close Thursday. Its stock traded more than 27% lower premarket.
By contrast, Palo Alto Networks (NASDAQ:) stock rose sharply premarket after the cybersecurity company raised its annual guidance after reporting better-than-expected .
Agricultural equipment maker (NYSE:) and athletic apparel retailer (NYSE:) are among the companies scheduled to report numbers later Friday.
The economic data slate is largely empty today, and attention will soon turn to the June . Officials from the central bank, including Chair Jerome Powell, have indicated in recent days that more half-point increases to its benchmark would be appropriate to fight inflation.
Oil prices edged higher Friday as investors attempted to balance concerns about weaker economic growth with expectations of a demand rebound in China as the world’s top crude importer eased some COVID-19 lockdowns.
The number of U.S. oil rigs by and are scheduled for release later in the session, rounding off the week.
By 7 AM ET, futures traded 0.1% higher at $109.95 a barrel, while the contract rose 0.4% to $112.49.
Additionally, rose 0.1% to $1,843.40/oz, while traded 0.1% lower at 1.0579.
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