US stock index futures slipped in early premarket trading on Friday
Wall Street stock indexes rallied for a third straight day on Thursday, with gains accelerating into the end of the session. Interestingly, the indexes jumped despite a surge in crude prices. Brent crude jumped 10% yesterday, retaining a bullish bias on Friday, recovering from the recent sell-off that took tре prices below the $100 a barrel figure. The S&P 500 finished the session up 1.2%, adding nearly 5% since the beginning of the week. The tech-heavy Nasdaq Composite rose 1.3%, and the Dow Jones Industrial Average added 1.2%.
In Asia, equities were mostly mixed, however, as investor optimism started to wane ahead of the weekend, with market players digesting fresh signals on peace talks between Russia and Ukraine. The Shanghai Composite index added 1.12%, retaining a bullish tone after Chinese leaders promised to provide more support for the economy and markets. Japan’s Nikkei 225 was up 0.65% and the S&P/ASX 200 in Sydney gained 0.6%. On the negative side, Hong Kong’s Hang Seng Index slid 0.41% after a spectacular rally witnessed a day earlier.
European stock markets looked directionless at the start of the session, with the pan-European Stoxx 600 hovering around the flat-line in early trade. US President Joe Biden is set to speak with Chinese President Xi Jinping later today, adding to uncertainty among investors. US stock index futures slipped in early premarket trading on Friday after a three-day rally, suggesting stocks could face some profit-taking during the regular session.
Meanwhile, the dollar turned green following four days of losses. The USD index bounced from local lows around 97.75 to regain the 98.00 figure on Friday. It looks like the greenback could add to gains later in the day as risk-on tone continues to abate. EURUSD is now back below the descending 20-DMA while still holding above the 1.1000 figure, finishing the week with solid gains due to a major retreat in the buck.
