After turning lower over the course of the previous session, stocks may move back to the upside in early trading on Friday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 81 points.
Tech stocks have led the markets in recent sessions and appear poised to drive another early rebound by the broader markets.
The tech sector may benefit from an early advance by shares of Oracle (ORCL), with the business software giant surging up by 4.1 percent in pre-market trading.
The jump by Oracle comes after the company reported fiscal first quarter results that exceeded analyst estimates on both the top and bottom lines.
Tech giant Apple (AAPL), a key driver of the markets in recent sessions, is also seeing some pre-market strength along with Netflix (NFLX), Amazon (AMZN), Facebook (FB), Alphabet (GOOGL), and Microsoft (MSFT).
In U.S. economic news, the Labor Department released a report showing consumer prices increased by slightly more than anticipated in the month of August.
The Labor Department said its consumer price index climbed by 0.4 percent in August after advancing by 0.6 percent for two straight months. Economists had expected consumer prices to rise by 0.3 percent.
Excluding food and energy prices, core consumer prices still rose by 0.4 percent in August following a 0.6 percent increase in July. Core consumer prices were expected to edge up by 0.2 percent.
Stocks extended Wednesday’s significant rebound early in the trading day on Thursday but pulled back sharply over the course of the session. With the downturn, the major averages largely offset the strong gains posted in the previous session.
The major averages climbed off their lows going into the close but still posted steep losses. The Dow tumbled 405.89 points or 1.5 percent to 27,534.58, the Nasdaq plummeted 221.97 points or 2 percent to 10,919.59 and the S&P 500 plunged 59.77 points or 1.8 percent to 3,339.19.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan’s Nikkei 225 Index climbed by 0.7 percent, while China’s Shanghai Composite Index advanced by 0.8 percent.
Meanwhile, the major European markets are turning in a lackluster performance on the day. While the German DAX Index is just below the unchanged line, the U.K.’s FTSE 100 Index is up by 0.1 percent and the French CAC 40 Index is up by 0.3 percent.
In commodities trading, crude oil futures are slipping $0.30 to $37 a barrel after sliding $0.75 to $37.30 a barrel on Thursday. Meanwhile, after climbing $9.40 to $1,964.30 an ounce in the previous session, gold futures are tumbling $14 to $1,950.30 an ounce.
On the currency front, the U.S. dollar is trading at 106.15 yen versus the 106.13 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1846 compared to yesterday’s $1.1815.
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