(Reuters) – U.S. stock index futures high on Friday, posting a pause from a week-long selling sparked by fears over the economic impact of the Trump administration's volatile trade policy, with investors waiting for a consumer confidence report later that day.
Global Financial Markets witnessed significant volatility in the week, and the S&P 500 confirmed the revision, losing more than $4 trillion worth.
There are concerns that the unpredictable tariff threat from US President Donald Trump could halt investment and tilt the world's biggest economy into periods of high inflation and slowing growth.
US tariffs on metal imports have been met with immediate retaliation from Canada, the European Union and Trump. It also hints at mutual tariffs in early April.
Some brokerages cited economic uncertainty as they lowered their valuations of U.S. stocks and many have issued downbeat forecasts.
The S&P 500 confirmed a 10% drop in the previous session from its record high on February 19th, a week after the technology-heavy NASDAQ confirmed the fix.
All three indices are on track for weekly declines, and the benchmark index is set to the longest weekly winning streak in seven months. The Blue Chip Dow has dropped by around 9% from its recent record high.
At 05:39 AM ET, the Dow E Minis rose 223 points, 0.55%, the S&P 500 E-MINIS increased 41.75 points (0.75%) and the Nasdaq 100 E-Minis increased 188.5 points (0.98%).
The sudden selling has cooled US stocks and analyst ratings, with various technical indicators saying the stock is ripe for a recovery.
MegaCups and Chip stocks, which are bear the brunt of the sell-off, rose in pre-market trading. Meta added 1.6%, Nvidia rose 1.8%, Broadcom rose 1.9%, and Apple rose 0.5%.
Apple-Supplier's Foxconn said robust demand from high-tech clients will drive massive revenue growth in the first quarter.
Tesla went up 1.5% after sliding 3% on Thursday. According to the report, the automaker is creating a low-cost version of the bestselling model Y in Shanghai, aiming to regain the ground lost during the price war in the second largest market.
The US Senate was on the verge of passing a halt spending bill to avoid partial government shutdown after Democrats retracted measures over President Donald Trump's campaign to cut federal workforce.
Data-wise, a University of Michigan consumer mood survey is expected at 10am ET, with price pressure being the main concern. Economists voted by Reuters expect the index to drop to another 63.1 from the 15-month low that hit in February.
