U.S. stock index futures were higher early Friday as investors digested another leg higher in Treasury yields, weighed post-close earnings from Costco and looked ahead to August durable goods orders that could have implications for the near-term Federal Reserve rate path.
The cautious optimism follows Thursday's session, when dismal bond performance spilled into equities, offering no relief to investors exhausted by months of steadily rising yields. New York Fed President John Williams's comment that the Fed would likely need to hike again this year added to the pressure, keeping the 10-year yield pinned near multi-year highs into Friday's open.
Crude prices remain the swing factor for risk sentiment. Oil has stayed elevated on Middle East supply anxieties, with Iran's Major General Safavi saying the Strait of Hormuz will never re-open in its prior form , according to Iranian state media cited by Newsquawk on Thursday. The dollar index slipped and yet stayed above the 101 level, and gold consolidated around its recent range as traders positioned for the day's data slate.
Premarket Snapshot
| Instrument | Level / Trend |
|---|---|
| S&P 500 futures (ES) | 7,788.75 (+0.28%) |
| Dow futures (YM) | 51,835.00 (+0.23%) |
| Nasdaq 100 futures (NQ) | 30,934.00 (+0.54%) |
| US 10-Year Treasury Yield | 5.179% (+1.7 bps) |
| WTI Crude (Nov) | $92.87 (-1.84%) |
| Brent Crude | $105.46 (-1.07%) |
| Gold Futures | $4,343.60/ounce (+1.06%) |
| US Dollar Index (DXY) | 101.04 (-0.24%) |
| VIX | 15.31 (-2.30%) |
| Bitcoin (BTC) | $84,789.79 (+1.53%) |
MarketFramework's Positioning Edge tool shows a more bullish disposition toward the Nasdaq E-mini futures (NQ). Profitable traders hold a larger long bias than unprofitable traders. With profitable longs positioned below the current market and losing shorts above it, the divergence suggests upside momentum could persist if NQ holds above the 30,900 area.
US Stocks in Focus
Costco Wholesale (COST) is the headline mover after the warehouse retailer reported fourth-quarter EPS of $6.75, better than the analyst estimate of $6.53, with revenue of $95.7 billion versus the consensus estimate of $94.89 billion . Costco shares fell 0.91% in the regular session to $896.48 before the earnings release, but is seen down modestly in Friday's premarket . Companywide comparable sales rose 9.4%, or 6.7% excluding changes in gasoline prices and foreign exchange , though management signaled that comparable sales growth around 6.7% may be a more typical pace going forward, which could limit enthusiasm for faster growth .
Akamai (AKAM) shares surged up more than 22% after signing a $11.6 billion artificial intelligence (AI) Cloud deal with Anthropic.
Barry Diller's People, Inc. (PPLI) climbed nearly 11% after a Wall Street Journal report said MGM Resorts (MGM) is eyeing a potential takeover.
Asian Markets
Asian equities finished mostly lower Friday, although Japan's Nikkei 225 bucked the downtrend, rising 1.3% to close at 66,364, extending its winning streak to five sessions as oil prices retreated and the global bond sell-off eased.
Japan's 10-year government bond yield pulled back slightly from its highest level since 1996 . Technology stocks led the gains, with Kioxia Holdings rising 2.2%, Advantest gaining 2.8% and Ibiden advancing 4.2%, while financials also outperformed, including Mitsubishi UFJ up 4%, Sumitomo Mitsui up 3.6% and Mizuho Financial up 4.2% .
Hong Kong lagged. The Hang Seng Index fell 1.01% to 24,510.09, as global yield pressure weighed on interest-rate-sensitive technology and property names.
European Markets
European bourses opened on a firmer footing after Thursday's soft session. . The early bid contrasts with Thursday's finish, when the STOXX 600 slipped 0.55%, with pressure facilitated by punchy IRGC rhetoric and global yields residing at multi-decade highs .
Macro Data Preview
The day's headline data point is August durable goods orders, due at 8:30 a.m. ET. The report will provide insights into manufacturing sector strength and future production trends as market participants assess the health of the U.S. economy and gauge potential implications for monetary policy .
- Durable Goods Orders (Aug): Forecast -0.3% m/m vs. prior +1.1%
- University of Michigan's preliminary September consumer sentiment index at 10 a.m. ET
- CFTC Commitments of Traders positioning data at 2:30 p.m. ET
Key Technical Levels to Watch
For the S&P 500, near-term chart pivots frame the tape. As of market close on Thursday, the S&P 500 was trading at 7,704.13, above its 50-day moving average of 7,543.07 and well above its 200-day moving average of 7,200.72 . On the upside, 7,816.70 and 8,000 serve as resistance levels, while a break below 7,617 and 7,520 would expose the 7,237–7,314 zone and the 200-day average at 7,183 .
