U.S. stock futures moved higher in the early hours of Friday as investors remain uncertain over the present micro and macroeconomic conditions.
Futures contracts tied to the Dow Jones Industrial Average (DJIA) were down 0.18%, while those on the S&P 500 (SPX) inched 0.19% lower, as of 3.50 a.m. EST, Friday. Meanwhile, the Nasdaq 100 (NDX) futures fell short of the flatline by 0.16%.
Investors are at the edge of their seats in anticipation of the S&P 500 slipping into the bear-market territory which is widely considered as a decline of 20% from its most recent 52-week high. The index is currently 18.6% below its recent high in January.
The market has been under pressure this week due to the high inflation and indication of slowing consumer demand as noticed from the earnings reports of retail giants Target (TGT) and Walmart (WMT), both of which are sharply down after posting earnings on Wednesday. Following their cue was another retailer, Ross Stores (ROST), which also dropped post earnings release.
Earlier this week, Federal Reserve Chair Jerome Powell commented that the central bank will not hesitate to increase the interest rate more aggressively in the next rounds, even if that risks a recession.
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