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Wall Street Set to Open Marginally Lower Friday Following Powell Speech, After Hitting Record Highs Thursday
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Wall Street Set to Open Marginally Lower Friday Following Powell Speech, After Hitting Record Highs Thursday
Mar 22, 2024 6:40 AM

09:27 AM EDT, 03/22/2024 (MT Newswires) -- US stocks look set to open marginally lower in Friday's trading session after closing at record highs Thursday, and as investors digest Federal Reserve Chairman Jerome Powell's premarket speech, which was scheduled to begin at 9 a.m. ET.

Powell delivered opening remarks at a Fed Listens event in Washington on the topic of transitioning to a post-pandemic economy. Dow Jones Industrial Average futures were off 0.03%, S&P 500 futures were down 0.06%, and Nasdaq futures were moving 0.1% lower shortly after Powell's scheduled remarks.

The Baker Hughes North American rig count, which tracks weekly changes in the number of active operating oil and gas rigs, will be announced at 1 pm ET.

Oil prices were moving higher, with front-month global benchmarks North Sea Brent crude up 0.2% at $85.42 per barrel and US West Texas Intermediate crude rising 0.3% at $81.28 per barrel on the New York Mercantile Exchange.

In other world markets, Japan's Nikkei was up 0.2%, Hong Kong's Hang Seng lost 2.2%, and China's Shanghai Composite fell 1%. Meanwhile in Europe's early afternoon session, the UK's FTSE 100 was gaining 0.5%, while Germany's DAX 30 was up 0.1% and France's CAC 40 was off 0.3%.

On the winning side, shares of Murano Global Investments (MRNO) soared 133% in Friday's premarket session, more that erasing a 46% loss on Thursday. Nova LifeStyle ( NVFY ) shares jumped 90%, adding to a 22% gain on Thursday. Biolase ( BIOL ) shares surged 55% a day after it reported a narrower Q4 net loss from a year earlier. And FedEx ( FDX ) shares climbed nearly 10% after it reported Thursday higher fiscal Q3 earnings from a year earlier and launched a $5 billion share buyback plan.

On the losing side, shares of shares of Ispire Technology ( ISPR ) plunged 27% after it said Friday it launched a public offering of a little more than 2 million shares of common stock at $6 each for gross proceeds of $12.3 million. FinWise Bancorp ( FINW ) shares fell 10%, adding to a 2% loss on Thursday. Lululemon Athletica ( LULU ) shares lost 13%, a day after it reported lower-than-expected fiscal Q1 and 2024 guidance. Shares of Cutera ( CUTR ) fell 11%, wiping out a 9% gain from the previous session. And Grifols ( GRFS ) share dropped nearly 9% after rising close to 8% on Thursday.

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