U.S. futures showed mixed movements on Friday, with the S&P 500 and Dow Jones Industrial Average futures rising slightly, while Nasdaq futures dipped. The market's focus was on artificial intelligence, a sector that has faced volatility due to rising borrowing costs. Federal Reserve Chairman Kevin Warsh highlighted the potential benefits of AI at the IMF and World Bank gathering in Bangkok, calling it the most consequential change to the global economy in his lifetime.
AI and chip stocks experienced choppy trading ahead of the market open. Nvidia's shares were flat after a 1.8% drop on Thursday, while Broadcom and Advanced Micro Devices saw declines of 0.7% and 1.8%, respectively. Tesla's stock climbed over 3% after the company unveiled its Roadster sports car, set for production in two years. Meanwhile, Netflix's shares fell more than 3% following the announcement of a leadership change in its content division and plans to lay off about 6% of its workforce.
Oil prices remained elevated due to ongoing supply pressures and geopolitical tensions. Brent crude rose 0.3% to $106.27 per barrel, while U.S. crude edged lower to $97.77 per barrel. The national average for gasoline stood at $4.33 a gallon, significantly higher than a year ago. Analysts noted that oil markets were pricing in a risk premium due to uncertainties in the Middle East and concerns over oil flows in the Strait of Hormuz.
In Europe, major indices showed varied performance, with Britain's FTSE 100 declining slightly, while France's CAC 40 and Germany's DAX rose. Asian markets were higher. The U.S. dollar strengthened against the Japanese yen, and the euro gained slightly against the dollar.