Stock Futures Point Higher After S&P 500, Dow Snap 4-Session Skids

Stock futures pointed higher Friday, a day after the blue-chip Dow Jones Industrial Average and benchmark S&P 500 snapped four-session losing streaks following cool inflation data.

Nasdaq 100 futures and those associated with the S&P 500 were up 0.4% and 0.2%, respectively, while those affiliated with the Dow were little changed.

Yesterday, the tech-heavy Nasdaq Composite, S&P 500, and Dow finished up a respective 1.4%, 0.8%, and 0.1%, after the November Consumer Price Index reading came in better than expected. Still, the three major stock indexes entered Friday down for the week.

Friday is a “quadruple witching” day, when index options, single stock options, index futures, and index futures options all expire, which could cause a spike in activity as traders close, roll out, or offset their expiring positions, particularly in the final hour of trading.

The 10-year Treasury yield, which influences interest rates on a variety of commercial and consumer loans, rose to 4.15% from Thursday’s close of 4.12% after the Bank of Japan raised interest rates there to their highest level in 30 years.

Bitcoin was trading around $88,100, up from overnight lows of roughly $84,600. The U.S. dollar index, which tracks the value of the greenback against a basket of foreign currencies, advanced 0.2% to 98.65.

Gold futures, which set a new all-time high of more than $4,400 an ounce yesterday, slipped 0.2% to $4,355. West Texas Intermediate futures, the U.S. crude oil benchmark, declined 0.6% to $55.85 a barrel.

In corporate news, Nike (NKE) shares sank 10% after the sneaker giant said it anticipated a current-quarter sales decline amid headwinds in China.

Shares of Oracle (ORCL) surged 5% on reports China’s ByteDance to create a joint venture granting a group of American investors—including the cloud computing giant—a controlling stake in TikTok.

Chipmaker stocks also rose before the bell, with Nvidia (NVDA), Advanced Micro Devices (AMD), Broadcom (AVGO), and Micron Technology (MU) all up roughly 1% to 2%.