Gary Kaltbaum, President of Kaltbaum Capital Management, weighs the housing market and the possibility of a recession.
US stock futures traded higher on Friday morning, hinting at more gains after stocks slipped for two days.
Major futures indexes are pointing to a 0.2% gain at the start of the Wall Street trading session.
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Investors have weighed recent updates from the US Federal Reserve amid concerns about rising inflation. The Fed has signaled it is ready to raise rates further and reduce its holdings of bonds and mortgage-backed securities in a bid to curb the highest inflation in 40 years.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City. (REUTERS/Brendan McDermid/Reuters photos)
Oil prices traded higher on Friday morning as an announced planned release of 240 million barrels of emergency supplies offset some concerns about reduced supplies from Russia due to western sanctions.
Oil drillers are pictured in the Kern River oil field in Bakersfield, California. REUTERS/Jonathan Alcorn
US West Texas Intermediate (WTI) crude futures were up $1.27, or 1.3%, to $97.27 a barrel.
Brent futures were up $1.08, or 1.1%, to $101.66 a barrel.
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Overall, the price of oil should fall by around 3% this week.
Congress voted overwhelmingly on Thursday to suspend normal trade relations with Russia and ban imports of its oil.
Bitcoin traded around $43,000.
In Asia, Japan’s benchmark Nikkei 225 closed 0.4% higher, Hong Kong’s Hang Seng rose 0.3% and China’s Shanghai Composite rose 0.5%.
| ticker | security | Last | To change | To change % |
|---|---|---|---|---|
| Me: DJI | DOW JONES AVERAGES | 34583.57 | +87.06 | +0.25% |
| SP500 | S&P500 | 4500.21 | +19.06 | +0.43% |
| I: COMP | NASDAQ COMPOSITE INDEX | 13897.300013 | +8.48 | +0.06% |
On Wall Street, a late afternoon rebound was led by technology companies. The S&P 500 rose 0.4% to 4,500.21. The benchmark index is still on course for its first weekly loss in four weeks.
The Dow Jones Industrial Average gained 0.3% to 34,583.57. The Nasdaq Composite was up 0.1% to 13,897.30.
Communication services stocks were among the largest weights in the market. Twitter fell 5.4%. Computer and printer maker HP rose 14.8%, the biggest gain in the S&P 500, after Warren Buffett’s Berkshire Hathaway announced an 11% stake in the company.
The yield on the 10-year government bond rose to 2.65% from 2.61% late Wednesday.
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Investors received an encouraging update on the jobs market on Thursday. The US Department of Labor reported that fewer Americans filed for unemployment benefits last week as layoffs remain at historically low levels.
The Associated Press contributed to this report.