Stocks were poised for a lower open after major indexes ended a volatile week sharply higher, with the Dow Jones Industrial Average surpassing the 50000 threshold for the first time.
Nasdaq 100, S&P 500, and Dow futures pointed down a respective 0.3%, 0.2%, and 0.1%.
Major indexes bounced back sharply Friday, a day after equities sank amid risk-off sentiment, with the blue-chip Dow, benchmark S&P 500, and tech-heavy Nasdaq all soaring at least 2%. The Dow jumped more than 1,200 points to snap a three-week losing streak, but the Nasdaq extended its skid to four weeks and the S&P 500 fell for the third time in four weeks.
Shares of AI darling Nvidia (NVDA) and construction-equipment maker Caterpillar (CAT) powered the Dow on Friday with gains of 8% and 7%, respectively, but pointed less than 1% lower apiece before the bell. Amazon (AMZN) stock, which sank more than 5.5% to lead Dow decliners Friday following a disappointing earnings report, ticked lower.
U.S.-listed shares of Danish pharmaceutical company Novo Nordisk (NVO) rose 5.5% and Hims & Hers Health (HIMS) stock plummeted 18% after the latter firm said it had “decided to stop offering access” to its copycat version of the former’s Wegovy weight-loss pill.
Elsewhere, Kroger (KR) stock advanced 4.5% on a report in The Wall Street Journal that the grocery giant planned to name former Walmart executive Greg Foran its new CEO, and U.S.-listed shares of Switzerland-based semiconductor firm STMicroelectronics (STM) jumped 7% on an expanded partnership with Amazon Web Services.
Bitcoin was trading around $69,100, down from its overnight high above $72,200. The largest cryptocurrency had a wild Friday, tumbling to just above $60,000 before rebounding above $70,000. Shares of crypto-tied stocks MARA Holdings (MARA), Strategy (MSTR), and Coinbase Global (COIN) were all down roughly 2% to 4% after surging a respective 22%, 17%, and 13% Friday.
Gold futures were up 1% at $5,035 an ounce but well off their high of about $5,625 set on Jan. 29. Silver futures were up 4% to above $80 an ounce, well off their high of roughly $121.75 set on the same date.
The yield on the 10-year Treasury—which impacts interest rates on a variety of consumer loans including mortgages—rose to 4.23% from Friday’s close of just below 4.22%.
West Texas Intermediate crude futures, the U.S. benchmark, advanced 0.4% to $63.85 a barrel. The U.S. dollar index, which tracks the value of the greenback against a basket of global currencies, was down 0.4% at 97.23.