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US STOCKS-Futures tick higher after S&P 500, Nasdaq log six-day win streak
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US STOCKS-Futures tick higher after S&P 500, Nasdaq log six-day win streak
Aug 16, 2024 3:28 AM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

*

Futures up: Dow 0.11%, S&P 500 0.11%, Nasdaq 0.24%

Aug 16 (Reuters) - U.S. stock index futures edged higher

on Friday after the S&P 500 and the Nasdaq logged six-session

winning streaks, as a spate of encouraging economic data fueled

a broad rebound led by heavyweight tech and growth stocks.

The benchmark index has recovered from a pullback

earlier this month caused by a dour U.S. jobs report and the yen

carry trade as better-than-expected data calmed nerves over a

sharp slowdown in the world's largest economy.

U.S. consumer and producer prices data this week indicated

inflation was moderating at a pace that would keep the U.S.

Federal Reserve on track to start its monetary easing cycle with

a 25-basis point rate cut next month as opposed to a more

aggressive move.

The U.S. central bank is now expected to track the labor

market trends more closely.

Market participants will look to minutes from the Fed's last

policy meeting and Fed Chair Jerome Powell's outlook of the U.S.

economy at the Jackson Hole symposium, an annual gathering of

global central bankers, next week for more clues on the rate cut

trajectory.

At 5:30 a.m., Dow E-minis were up 46 points, or

0.11%, S&P 500 E-minis were up 0.11% to 5,573.75 points and

Nasdaq 100 E-minis were up 47.5 points, or 0.24%.

The S&P 500 and the Nasdaq were headed for their best weeks

since October, while the Dow was on pace for its best weekly

showing since December.

Later in the day, University of Michigan will issue its

consumer sentiment survey for August around 10 a.m. ET (1400

GMT).

Remarks from Federal Reserve Bank of Chicago President

Austan Goolsbee will also be watched a day after two more Fed

officials - St. Louis Fed chief Alberto Musalem and Atlanta Fed

boss Raphael Bostic - on Thursday gravitated toward an interest

rate cut in September.

Applied Materials ( AMAT ) dropped 2.8% in premarket trading

following a strong jump ahead of its results. The chip-making

equipment firm forecast fourth-quarter revenue slightly above

Wall Street estimates.

Crypto- and blockchain-related firms firmed as bitcoin

rose 3%. Miners Riot Platforms Inc ( RIOT ) and Marathon

Digital ( MARA ) gained 2.3% and 1.8% respectively, while

iShares Bitcoin Trust ETF added 2.4%.

Overall, U.S. stock trading volume has been below its 20-day

moving average in the past six sessions as many investors are

away for summer break.

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