How are stock-index futures trading:
S&P 500 futures are up 0.1%
Dow Jones Industrial Average futures are adding 0.1%.
Nasdaq 100 futures are advancing 0.3%.
On Thursday, the Dow Jones Industrial Average rose 555 basis points, or 1.39%, to 40,563, as the S&P 500 increased 88 basis points, or 1.6%, to 5,543, and the Nasdaq composite gained 402 basis points, or 2.3%, to 17,595.
Futures indicate the recent rally is set to continue as fresh economic data has helped counter concerns the U.S. economy is heading for a hard landing. The upbeat figures signaled the U.S. will avoid a recession ahead of an anticipated Federal Reserve rate cut next month.
The S&P 500 responded by continuing the rally that has seen the index recover from the slump caused by the unwinding of the carry trade at the start of August. This rally has seen the S&P 500 advance by almost 7% from the recent lows seen on August 5.
U.S. retail sales data also showed a sharper than expected in July, as a separate report showed the number of first-time unemployment claims also dropped for the second week in a row, in figures that have eased investors’ fears around a potential recession.
Investors are now readying themselves for what Federal Reserve chairman Jerome Powell will say at his speech at the upcoming Jackson Hole Economic Symposium next week.
“With stronger-than-expected retail sales and a resilient labor market, quality growth stocks are well-positioned, in our view,” UBS analysts, led by Mark Haefele, said in a note.
Read More: Stock Market Today: Dow futures extend gains as hard landing fears subside
