U.S. futures remained flat on Friday morning following the Dow Jones Industrial Average’s (DJIA) worst trading session in a year. As of 2:22 a.m. EST on May 24, futures for the Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones showed slight increases of 0.03%, 0.09%, and 0.02%, respectively.
The decline in all three major indices on the previous day was triggered by hotter-than-expected Purchasing Managers’ Index (PMI) data, raising concerns about prolonged high interest rates. The S&P 500, Dow Jones, and Nasdaq Composite fell by 0.74%, 1.53%, and 0.39%, respectively.
Notable Stock Movements
In significant market news, Nvidia (NVDA) surged 9.3% on the back of strong first-quarter results. Conversely, Boeing (BA) plummeted 7.6% due to a forecast of negative free cash flow and a continued slowdown in aircraft deliveries for the second quarter. Intuit (INTU) also saw a decline, with shares falling over 6% despite surpassing expectations in its fiscal third-quarter results.
Earnings and Economic Reports
Today’s earnings calendar is light, with Booz Allen Hamilton (BAH), TransAlta (TAC), and Hudbay Minerals (HBM) among the few companies scheduled to report their numbers.
Key economic reports due today include the final Consumer Sentiment Index reading for May from the University of Michigan and the Durable Goods report for April.
Other Market Movements
The U.S. 10-year Treasury yield dipped, hovering around 4.47%. Meanwhile, WTI crude oil futures increased, trading near $76.88 per barrel at last check.
Global Market Overview
European markets are expected to open lower on Friday as investors remain wary of the Federal Reserve’s interest rate policies.
In the Asia-Pacific region, indices traded lower as investors digested Japan’s inflation data. Hong Kong’s Hang Seng index dropped 1.47%, while Japan’s Nikkei and Topix indices fell by 1.25% and 0.48%, respectively. China’s Shanghai Composite and Shenzhen Component indices also declined, by 0.33% and 0.58%, respectively.
