Nasdaq 100 futures rise 0.56% as oil drop eases inflation concerns

  • Nasdaq 100 futures led Wall Street higher in premarket trading Friday.
  • 0.56%: Nasdaq 100 E-minis gained 166.25 points at 4:50 a.m. ET.
  • Friday's triple witching expiry involved stock, index-option and futures contracts.

Nasdaq 100 futures led Wall Street higher on Friday, putting the technology-heavy index on course for weekly gains as falling oil prices eased inflation concerns. Investors were also digesting a Federal Reserve interest rate hike and Chair Kevin Warsh's comments for clues about the future path of borrowing costs. With earnings season still about a month away, remarks from senior industry executives at several conferences provided an early view of corporate health and influenced market sentiment. Goldman Sachs chief US equity strategist Ben Snider said the strength of S&P 500 earnings growth had raised concerns about an earnings bubble, but said the firm's base case was for growth to decelerate rather than collapse in coming years. At 4:50 a.m. ET, Nasdaq 100 E-minis were up 166.25 points, or 0.56%, while Dow E-minis rose 83 points, or 0.16%, and S&P 500 E-minis gained 21.5 points, or 0.28%. Investors also reassessed AI demand after industry executives urged a slowdown in technology development, although the implications remained unclear. Brent and US West Texas Intermediate crude futures fell nearly 2% each for a third straight day, easing pressure from concerns about a Middle East supply shock despite fresh cross-border strikes between Saudi Arabia and Yemen's Iran-backed Houthis. Friday's triple witching, the simultaneous quarterly expiry of stock, index-option and futures contracts, could increase trading volume and volatility. Xenon Pharmaceuticals fell nearly 28% premarket after temporarily pausing enrollment in trials of an experimental drug for major and bipolar depression following reports of side effects. Alphabet and Nvidia rose about 2% and 1%, respectively, while Apple declined 0.2% and was the only faller among the Magnificent 7 stocks.

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