Stock index futures were cautious Friday with consumer sentiment data ahead.
S&P futures (SPX) +0.1%, Nasdaq 100 futures (NDX:IND) +0.1% and Dow futures (INDU) +0.1% were higher.
Going into Friday, the S&P 500 (SP500) is up 1% for the week, with the Nasdaq Composite (COMP.IND) is up 1.1% and the Dow (INDU) is 0.7% higher.
“After a big rally for sovereign bonds at the start of the week, the sell-off resumed once again yesterday, thanks to an upside surprise in the latest US CPI print,” Deutsche Bank’s Jim Reid said. WE “even saw the 30yr Treasury yield experience its biggest daily rise since the Covid turmoil of March 2020.”
Rates were lower. The 10-year Treasury yield (US10Y) feel 5 basis point to 4.66%. The 2-year yield (US2Y) fell 4 basis point to 5.03%.
“When it comes to the Fed, there’s still pretty strong skepticism about a hike in November, which is only priced as a 10% chance,” Reid said. “But when it comes to December, futures raised the chance of a hike to 39% by that meeting, up from 30% the day before.”
Before the bell, September import and export prices arrive. The forecast is for a 0.5%.
After the start of trading, the preliminary Michigan consumer sentiment measure arrives. Economists expect a dip to 67.2.