Wall Street is set for a slightly lower start on Friday after Amazon.com warned on its cloud sector and important inflation data looms.
U.S. stock futures pointed to a lower start for Friday, with technology in the lead after caution from Amazon.com Inc. on its cloud sector, while investors await an update on the Federal Reserve’s preferred inflation gauge.
What’s driving markets? Caution was setting in for Friday’s trading after the biggest one-day gains since January for the Dow industrials and S&P 500, thanks to strong results from Facebook parent Meta Platforms Inc. META , which followed equally upbeat results form Microsoft Corp. MSFT and Google parent Alphabet Inc. GOOGL .
On the tech upside, Intel Corp. INTC stock rose 3.6% after the chip maker topped Wall Street forecasts for the quarter. The economy will stay in focus on Friday, a day after gross domestic product numbers showed the U.S. economy expanded at a weaker-than-forecast 1.1% annual pace during the first three months of 2023. That triggered the biggest jump in the 2-year Treasury yield TMUBMUSD02Y since late March. That yield eased 4 basis points to 4.023% early Friday.
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