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US futures rise, tech companies ready to roar

The Elite Times TeamBy No Comments3 Mins Read

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U.S. stock futures rose on Friday, with the S&P 500 on track for a new all-time high as a tech-led rally boosted a market weighed down by uncertainty over a possible early interest rate cut. I started riding.

Nasdaq 100 futures (^NDX) rose 0.7%, looking to return to gains posted on Thursday as Apple (AAPL) and semiconductor manufacturers outperformed. S&P 500 (^GSPC) futures rose 0.4%, and Dow Jones Industrial Average (^DJI) futures rose 0.2%.

Now that the main drivers of stock gains in the second half of 2023 have faded, the focus has shifted to big tech that could revitalize a sluggish stock market. Thursday’s tech-led rally brought the S&P 500 within 0.3% of its closing record high of 4,796.56, ending the Dow Jones Industrial Average’s three-day losing streak.

But the holiday-shortened week was a volatile one for stocks as investors tried to gauge a possible change in Federal Reserve policy and reacted to policymakers’ statements, economic data and corporate earnings. Markets are still closely watching for clues about the timing of a rate cut that could set the tone for businesses this year.

read more: Impact of the Fed’s interest rate hike suspension on bank accounts, CDs, loans, and credit cards

Among individual stocks, iRobot (IRBT) shares plunged more than 38% following reports that EU regulators plan to block Amazon’s (AMZN) $1.4 billion acquisition of the Roomba maker. Meanwhile, investors were praising Macy’s (M) announcement that it would cut 2,350 jobs and close five stores.

Quarterly results for Travelers (TRV), Regions Financial (RF) and other banks will be published in earnings reports on Friday. The latest economic information will include statistics on existing home sales for December and a survey of consumer sentiment by the University of Michigan.

Elsewhere, the U.S. government’s funding spree was given a reprieve after lawmakers passed interim legislation to avert a looming government shutdown.

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  • Ford cuts F-150 Lightning production after demand flags for electric trucks

    Ford (F) announced early Friday that it would lay off 1,400 workers from the production line of the F-150 Lightning, the electric version of its best-selling truck, in response to customer demand.

    That means people aren’t as excited about buying the electric version of the F-150 as the company had planned.

    Half of those workers will be transferred to Ford plants that make the new Bronco and Ranger trucks, while the other half will receive buyout offers or move to the Dearborn plant, where the F-150 Lightning is built. will find placement in another role.

    This move is reminiscent of an article by Yahoo Finance’s Pras Subramanian in late 2023 in which he said the industry’s EV dreams matched reality last year.

    In other words, lofty predictions made by automakers in recent years that the country would become like California when it comes to EV adoption are starting to look too much like dreams.

    And investors were certainly skeptical. Ford and General Motors (GM) stock prices have both fallen in the last year, lagging far behind the S&P 500 over that period.

    The euphoria that swept the auto industry in 2021 as rising interest rates made auto financing more difficult for many consumers, fears of an economic slowdown still weighed on consumers, and inventory levels remained depressed. will feel quite far away when 2024 begins.

For the latest stock market news and in-depth analysis of price-moving events, click here.

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