U.S. stock futures rose on Friday, setting the Dow Jones index to an eighth straight day of gains as investors waited for a parade of Federal Reserve spokespeople to test growing confidence that interest rate cuts are on the way.
Dow Jones Industrial Average futures (YM=F) rose nearly 0.3%, with S&P 500 futures (ES=F) also up 0.3% on the heels of closing above 5,200 for the first time in a month. Futures on the tech-heavy Nasdaq 100 (NQ=F) rose 0.4%.
The blue-chip Dow Jones index rose, recording its longest winning streak this year as stocks rebounded from their April slump. Growing conviction that the Fed may cut interest rates earlier than expected – in light of recent signs of a slowing labor market – has supported the rally.
Read more: How does the labor market affect inflation?
Given this, investors will be listening closely to speeches from a slew of Fed spokesmen on Friday for more information on the timing, pace and opportunity for policy easing. Those scheduled to appear include Michelle Bowman, Neel Kashkari, and Austin Goolsby.
Earlier, Atlanta Fed President Raphael Bostic said he expected one rate cut late this year, but echoed fellow official Mary Daly’s preference to wait for a stronger signal that price pressures are easing.
On the corporate front, shares of TSMC (TSM) rose after the Taiwanese chipmaker giant said its sales jumped 60% in April. He credited the continued demand for artificial intelligence coupled with the revival of consumer electronic devices such as smartphones.
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