Nasdaq futures lead Wall Street gains as oil retreat eases inflation worries
The recent strength of S&P 500 earnings growth has raised investor concerns that the market is in an 'earnings bubble'.
Wall Street surged higher on Friday, propelled by the Nasdaq 100 futures. The tech-heavy index was leading the market gains, with other major indexes not far behind. Investors welcomed a drop in oil prices, which helped ease inflation worries. The recent decline in oil prices was the third consecutive day of falling crude prices.
Despite the ongoing tension between Saudi Arabia and Iran-backed Houthis, the drop in oil prices provided a boost to market sentiment. The earnings season was still a month away, but top industry executives' comments at various conferences offered investors early insights into corporate health. However, concerns about an over-earning market persisted, according to Goldman Sachs' chief US equity strategist, Ben Snider.
Despite some market turbulence, such as the triple witching event and a significant drop in Xenon Pharmaceuticals' stock due to safety concerns, Big Tech shares managed to gain. Alphabet and Nvidia experienced around a 2.5% and 0.7% increase respectively, while Apple saw a slight rise.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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