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Futures Rebound Pre-Bell Ahead of Earnings, Next Week's Inflation Reports; Asia, Europe Gain
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Futures Rebound Pre-Bell Ahead of Earnings, Next Week's Inflation Reports; Asia, Europe Gain
May 10, 2024 4:31 AM

07:10 AM EDT, 05/10/2024 (MT Newswires) -- US equity futures were tracking in the green before the open Friday as traders await the final round of earnings this week, and take positions ahead of the release of key inflation data next week.

The S&P 500 futures gained 0.4%, the Dow Jones Industrial Average increased 0.3% and the Nasdaq added 0.5% in premarket activity. Asian and European exchanges were trending upwards.

Akamai Technologies' ( AKAM ) shares dropped 11% pre-bell after the cloud computing company offered a downbeat outlook for the ongoing three-month period. Unity Software ( U ) decreased 1.3% as the gaming software company's first-quarter loss unexpectedly widened on a yearly basis.

Enbridge ( ENB ) , Crescent Point Energy ( CPG ) , Algonquin Power & Utilities ( AQNB ) , Construction Partners ( ROAD ) , Costamare ( CMRE ) and ANI Pharmaceuticals ( ANIP ) report their latest financial results early Friday, among others.

On the economic calendar, the preliminary University of Michigan consumer sentiment report for May post at 10 am, while the weekly Baker Hughes domestic oil-and-gas rig count is out at 1 pm. Next week, traders will be looking forward to the consumer price index and producer price index, both for April.

Federal Reserve Governor Michelle Bowman is set to speak at 9 am, while Federal Reserve Bank of Dallas Lorie Logan and Minneapolis Fed President Neel Kashkari are both slated to speak at 10 am. Chicago Fed President Austan Goolsbee speaks at 12:45 pm, while Fed Vice Chair for Supervision Michael Barr is scheduled to speak at 1:30 pm.

Before the bell, bitcoin inclined 1.1% to $63,036, West Texas Intermediate crude rose 0.8% to $79.92 a barrel, yields on 10-year Treasuries inched 0.8 basis points higher to 4.46% and gold advanced 1.9% to $2,384 an ounce.

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