Stock futures gained Friday morning as Wall Street appeared to close out a rare positive week in what was a difficult first half of the year.
Futures linked to the Dow Jones Industrial Average were up 154 points, or 0.5%. Futures for the S&P 500 were up 0.66%, while Nasdaq 100 futures were up 0.94%.
The moves in futures come as the stock market seems to have found some stability this week, at least for the short term. After an afternoon rally on Thursday, the S&P 500 is up 3.3% this week, while the Nasdaq composite is up 4% and the Dow is up 2.6%.
All three averages are looking for a three-week loss streak.
Economic data will be a key focus on Friday, as investors try to determine whether the US economy is slipping into recession. New home sales data is expected at 10 a.m. ET and the final consumer confidence report from the University of Michigan for June will follow later in the day.
“Recession talks remain the focal point on Wall Street and that means the stock market rally is likely to be short-lived,” Oanda senior market analyst Ed Moya said in a note. “Wall Street won’t have answers any time soon for when inflation will peak, how soon will we see a recession, and how high will the Fed raise interest rates?”
The consumer confidence reading may be particularly important to investors, as Federal Reserve Chairman Jerome Powell said a surprise drop from the preliminary reading was one of the reasons the central bank raised its benchmark interest rate by three-quarters of a percentage point earlier this month.
On the business front, shares of FedEx rose during prolonged trading despite a mixed fourth-quarter report after the logistics company released a positive earnings forecast. Carnival Cruise Line is scheduled to release a new company Friday morning.