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Nevertheless, the S&P 500 and Nasdaq were set for their fourth
straight week of gains, and the blue-chip Dow was on track for
its fifth weekly advance, supported by strong quarterly results
and slowing inflation data that bolstered bets for Fed rate
cuts.
"We believe the rally has been well-supported. The first-quarter
earnings results and guidance provided us with greater
conviction for our view of 9% earnings growth for the S&P 500 in
2024, with earnings growth broadening out beyond the large-cap
growth companies," said Mark Haefele, chief investment officer
at UBS Global Wealth Management in a note.
"Additionally, U.S. economic data has been in line with our base
case for a soft landing."
Investors will parse comments from Fed officials Christopher
Waller and Mary Daly, expected after the opening bell, for
further cues on the central bank's monetary policy path.
Traders currently see a 70% chance of the first rate cut in
September, according to the CME FedWatch Tool.
At 05:00 a.m. ET, Dow e-minis were down 31 points or 0.08%, S&P
500 e-minis were down 4.25 points or 0.08%, and Nasdaq 100
e-minis were down 13.75 points or 0.07%.
Reddit rose 12.6% in premarket trading on partnering with OpenAI
to bring its content to ChatGPT.
Meanwhile, GameStop and AMC Entertainment - meme stocks popular
with retail investors - gained 9.4% and 5.0%, respectively.
Both were on track to end the week sharply higher on excitement
over the social media return of "Roaring Kitty," who was the
central figure in 2021 meme stock rally.
(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by
Varun H K)
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