Dow futures surged 120 points in early trade on Friday, sitting around 44,197 at press time. That comes after a choppy Thursday on Wall Street, where the Dow lost a little ground but the S&P 500 and Nasdaq managed to inch higher.
Investors aren’t charging in just yet as they’re feeling their way through a jumble of global economic updates and a fresh batch of company earnings.
With tech and industrial stocks sending conflicting cues, traders are watching today’s session for hints on where the market heads next.
The moves come ahead of a busy stretch of earnings reports and economic data that could help set the Dow’s path in the days ahead.
5 things to know before Wall Street opens
1. On Thursday, US stocks ended up all over the place. The Dow slipped about 0.5%, but the Nasdaq managed to climb 0.4%.
Earlier in the week, markets were on a bit of a roll, but that fizzled as traders reacted to disappointing drug trial news, fresh tariff announcements, and some weaker-than-hoped corporate outlooks.
2. The tariff surprises continue with US President Donald Trump now floating the idea of a 100% tariff on foreign-made semiconductors. That’s put investors on edge, especially in the tech and manufacturing space.
Chipmakers were all over the map on Thursday as traders tried to figure out what the new trade moves might mean for the industry.
3. Eli Lilly’s stock took a big hit after its new oral obesity drug, orforglipron, didn’t perform as well as expected in recent trials.
Patients lost about 12% of their body weight over 72 weeks, which sounds good, but it came up short compared to the 14-15% weight loss seen with Novo Nordisk’s injectable drug, Wegovy.
On top of that, side effects like nausea caused around 10% of people on the highest dose to stop taking the drug.
All that shook investor confidence, and Lilly’s shares dropped nearly 14%, even though the company posted strong earnings and still has a positive outlook.
Lilly is moving forward with regulatory approval and says the pill’s convenience is a plus, but the cautious guidance shows they’re not expecting a blockbuster hit just yet.
4. Gold prices jumped 1.19% to roughly $3,495 an ounce on Thursday, as investors sought safety amid lingering geopolitical tensions and market uncertainty.
Oil was steady, with crude trading close to $63.88 a barrel, while the rest of the metals market was mixed, pointing to a cautious start for commodities.
5. In equities, foreign institutional investors continued to trim their holdings, selling nearly ₹5,000 crore worth of shares. Domestic institutional investors moved the other way, buying more than ₹10,800 crore.
The push-and-pull between the two camps is likely to play a big role in shaping the market’s near-term direction against a backdrop of global economic jitters.
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