From Nasdaq:

Wall Street opens subdued on Friday due to a hotter-than-expected producer prices report, leading to doubts about U.S. Federal Reserve interest rate cuts. Labor Department’s PPI rose 0.3% in January, versus expected 0.1%, and 0.9% annually, compared to estimates of 0.6%.

Treasury yields rose after PPI data, with the benchmark ten-year note yield last at 4.3264%. There is speculation that the Fed may push back the first rate cut until after June.

Tech-heavy Nasdaq set to end a five-week winning streak. The S&P 500 also lost steam after jumping more than 5% so far this year, with robust corporate earnings and enthusiasm over potential for artificial intelligence.

Later in the day, attention will be on remarks by Fed’s Richmond President Thomas Barkin and San Francisco Fed President Mary Daly, both voting members this year. There will also be focus on the U.S. consumer sentiment survey for February.

Stocks like Applied Materials, Roku, and DoorDash are experiencing significant movement in premarket trade. Applied Materials surged after the semiconductor equipment supplier forecast better-than-expected second-quarter revenue on strong demand for advanced chips used in AI.

Source: Reuters



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