Futures extend recovery ahead of U.S. business surveys

FILE PHOTO: People are seen on Wall St. outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. REUTERS/Brendan McDermid

(Reuters) – U.S. stock index futures ticked higher on Friday, extending a recovery from the previous session, as attention shifted to business surveys at the end of a volatile week of trading.

Data firm IHS Markit’s U.S. manufacturing and service sector PMIs is set to be released before the opening bell and comes on the heels of surveys in the euro zone indicating the fastest pace of business growth in over three years in May.

Wall Street’s main indexes gained ground on Thursday following a three-day slump after data showed the fewest U.S. weekly jobless claims since the pandemic-driven recession in 2020, pointing to a pick up in labor market.

The stock market recovery was led by tech-related mega-cap shares, putting the Nasdaq on course to snap a four-week losing streak as worries over higher interest rates weighed on the tech-heavy index. The S&P 500 and the Dow were headed for second straight weekly declines.

At 6:17 a.m. ET, Dow e-minis were up 103 points, or 0.3%, S&P 500 e-minis were up 10.75 points, or 0.26%, and Nasdaq 100 e-minis were up 28 points, or 0.21%.

Bitcoin hovered around $40,000, pausing its attempt to recover from this week’s massive plunge. Cryptocurrency-related stocks Coinbase Global, Riot Blockchain and Marathon Digital Holdings firmed 0.7% and 2%.

Deere & Co gained 2.4% after the farm equipment manufacturer raised its full-year profit forecast.

Shoes and apparel retailer Foot locker rose 0.8% ahead of its results.

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