US stock futures stumbled on Friday as techs lost their winning ways, with investors looking for inspiration in the big bank results rolling in to kick off earnings season.
Futures on the tech-heavy Nasdaq 100 (^NDX) slid 0.5%, while S&P 500 (^GSPC) futures shed 0.4%. Contracts on the Dow Jones Industrial Average (^DJI) fell 0.3%.
Stocks are stumbling after “Magnificent 7” techs led a run higher on Thursday, propelled again by AI tailwinds. Investors also took comfort from a lower-than-expected gain in wholesale inflation after getting spooked by a surprisingly hot consumer price print.
BlackRock (BLK) results got earnings season underway early Friday amid hopes that corporate updates can revive the early-year rally in stocks. The world’s biggest asset manager’s shares popped in premarket after it posted a 36% jump in profit.
Investors are watching for the giant banks to demonstrate how they benefit if interest rates remain higher than expected this year. JPMorgan (JPM) reported that profit rose as it earned more from interest payments, while conversely Wells Fargo (WFC) saw earnings shrink as interest income fell.
Meanwhile, precious metals continued to shine: Gold (GC=F) rallied above $2,400 to hit another fresh record, and silver (SI=F) traded at its highest since early 2021. Demand is seen as driven by investors seeking safety amid heightening Middle East tensions but shunning US government bonds amid inflation concerns.
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