Editor’s Note: The future prices of benchmark tracking ETFs were updated in the story.
U.S. stock futures were fluctuating around the flat line on Friday following Thursday’s positive moves. Futures of major benchmark indices were mixed.
Investors awaited the phone call between President Donald Trump and Chinese President Xi Jinping, scheduled for later today, after China banned its major tech firms from purchasing Nvidia Corp.‘s (NASDAQ:NVDA) chips, and NVDA announced an investment in Intel Corp. (NASDAQ:INTC).
A “framework for a TikTok deal” will also be discussed between the two leaders, confirmed Treasury Secretary Scott Bessent.
Meanwhile, the 10-year Treasury bond yielded 4.12% and the two-year bond was at 3.57%. The CME Group’s FedWatch tool‘s projections show markets pricing a 91.9% likelihood of the Federal Reserve cutting the current interest rates in its October meeting.
| Futures | Change (+/-) |
| Dow Jones | -0.01% |
| S&P 500 | 0.01% |
| Nasdaq 100 | 0.03% |
| Russell 2000 | 0.01% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and the Nasdaq 100 index, respectively, were mixed in premarket on Friday. The SPY was down 0.074% at $661.79, while the QQQ rose 0.23% to $596.69, according to Benzinga Pro data.
Cues From Last Session
Most sectors on the S&P 500 closed positively on Thursday, with information technology, industrials, and communication services stocks recording the biggest gains. However, consumer staples and consumer discretionary stocks bucked the overall market trend, closing the session lower.
The broad advance sent U.S. stocks higher, with the Nasdaq Composite gaining more than 200 points a day after the Federal Reserve cut rates by 25 basis points and signaled more easing ahead.
Tech stocks led the charge. Intel Corp. skyrocketed 23% after Nvidia Corp. pledged a $5 billion investment to co-develop PC and data center chips. CrowdStrike Holdings Inc. (NASDAQ:CRWD) also rallied around 13% after unveiling long-term AI initiatives and revenue targets, forecasting annual recurring revenue growth above 20% by fiscal 2027.
On the economic front, U.S. initial jobless claims declined by 33,000 from the previous week to 231,000 in the second week of September, compared to market estimates of 240,000. Meanwhile, the Philadelphia Fed Manufacturing Index rose to +23.2 in September, recording its highest level since January and a significant jump from -0.3 in August.
The Dow Jones index ended 124 points or 0.27% higher …