Stock futures add to gains after indices slip

US stock futures It traded higher on Friday morning, indicating further gains after stocks snapped a two-day slide.

Major futures indexes are pointing to a 0.2% gain when the Wall Street session begins.

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Investors were weighing the latest updates from the US Federal Reserve amid fears of rising inflation. The Fed indicated that it is ready to continue raising interest rates and reducing its stock of bonds and mortgage-backed securities in order to rein in the highest rate of inflation in 40 years.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City. (Reuters/Brendan McDermid/Reuters Photo)

circulating oil prices It rose Friday morning as the scheduled announcement of 240 million barrels of emergency stocks eased some concerns about reduced supplies from Russia due to Western sanctions.

Oil drills are filmed at the Kern River oil field in Bakersfield, California. (Reuters / Jonathan Alcorn)

US West Texas Intermediate crude futures rose $1.27, or 1.3 percent, to $97.27 a barrel.

Brent crude futures rose $1.08, or 1.1 percent, to $101.66 a barrel.

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Overall, oil was set to fall about 3% during the week.

Congress voted overwhelmingly on Thursday to suspend normal trade relations with Russia and ban the import of its oil.

Bitcoin traded around $43,000.

In Asia, Japan’s Nikkei 225 ended 0.4% higher, Hong Kong’s Hang Seng added 0.3%, and China’s Shanghai Composite added 0.5%.

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Me: DJI Dow Jones averages 34583.57 +87.06 + 0.25%
SP500 Standard & Poor’s 500 4500.21 +19.06 + 0.43%
I: COMP Nasdaq Composite Index 13897.300013 +8.48 + 0.06%

On Wall Street, the late afternoon rebound led by technology companies. The S&P 500 rose 0.4% to 4,500.21. The benchmark is still on track to post its first weekly loss in four weeks.

The Dow Jones Industrial Average rose 0.3% to 34,583.57. The Nasdaq Composite Index rose 0.1% to 13897.30.

Telecom services stocks were among the biggest market weights. Twitter fell 5.4 percent. Computer and printer maker HP surged 14.8% for the biggest gain in the S&P 500 after Warren Buffett’s Berkshire Hathaway revealed an 11% stake in the company.

The yield on the 10-year Treasury rose to 2.65% from 2.61% late Wednesday.

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Investors received an encouraging update on the job market on Thursday. The US Labor Department reported that fewer Americans applied for unemployment benefits last week as layoffs remained at historically low levels.

The Associated Press contributed to this report.

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