US pre-open: Dow Jones on track for worst weekly performance since March 2023

20th Dec 2024 11:55

(Sharecast News) - Wall Street futures had stocks opening lower on Friday, with the blue-chip Dow Jones on track to deliver its worst weekly performance since March 2023.

As of 1300 GMT, Dow Jones futures were down 0.55%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.91% and 1.44% weaker, respectively.

The Dow closed just 15.37 points higher on Thursday, doing little to reclaim heavy losses recorded in the previous session.

Friday's primary focus will be November's personal consumption expenditures index, which will be published at 1330 GMT, with the Federal Reserve's preferred inflation metric expected to have risen 0.2% month-on-month and 2.5% for the year. Core PCE, which strips out volatile food and energy prices, was also expected to rise 0.2% versus October and 2.9% on the year.

Elsewhere on the macro front, the University of Michigan's December consumer sentiment index will be published at 1500 GMT.

Also drawing some investor attention, the yield on the benchmark 10-year Treasury note was down just over two basis points at 4.552% prior to the open after breaking above the 4.5% barrier earlier in the week, while Bitcoin fell 9% early on Friday to drop below $93,000 as the cryptocurrency sell-off continues to intensify.

No major corporate earnings were slated for release on Friday.

Reporting by Iain Gilbert at Sharecast.com