Feds Rate Hike Weighed Against Oil Price Slump
U.S. stock futures pointed higher early Friday, extending a rebound from the previous session as traders weighed the Federal Reserve's first rate increase in three years against a pullback in energy costs and stabilizing Treasury yields.
Contracts tied to the Nasdaq 100, S&P 500, and Dow Jones Industrial Average rose 0.41%, 0.19%, and 0.10% respectively, as of 5:45 a.m. EDT on September 18. The advance followed a strong Thursday performance in which technology and semiconductor shares led all three major benchmarks higher.
The week's trajectory has been anything but linear, with stocks selling off sharply on Wednesday after the Federal Reserve delivered a 25 basis point rate hike. Oil markets provided some relief to investors navigating inflation concerns, with crude prices extending declines after reports indicated Saudi Arabia could reroute some shipments through Oman.