Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., May 8, 2024.
Brendan Mcdermid | Reuters
U.S. stock futures rose Friday, putting the the Dow Jones Industrial Average on track for another winning session.
Futures linked to the 30-stock Dow advanced 108 points, or nearly 0.3%. S&P 500 futures climbed 0.3%, while Nasdaq 100 futures gained about 0.4%.
The Dow enters Friday riding a seven-day winning streak, its longest since a nine-day run seen in December. The S&P 500 also advanced Thursday, closing above 5,200 for the first time since early April.
Investors have been more optimistic lately after the Federal Reserve indicated the next move is unlikely to be a hike, pointing to a cap on interest rates that could be bullish for equities. A strong earnings season, as well as some softer labor data, have also bolstered confidence in the stock outlook.
“What’s important in all of this context is, ‘are we in the early stages of a long-term bull market or not?'” Chris Hyzy, chief investment officer of Merrill and Bank of America Private Bank. “It feels comfortable saying it on a day like this, but we are, in our opinion.”
Stocks are on pace for a winning week as of Thursday’s close. The Dow has gained 1.8%. The S&P 500 and the Nasdaq Composite were higher by 1.7% and 1.2%, respectively.
A slate of central bank officials are scheduled to speak Friday, including Fed presidents Lorie Logan of Dallas, Neel Kashkari of Minneapolis and Austan Goolsbee of Chicago. Fed Governor Michelle Bowman will also make an appearance.