US Stock Futures Flatline As S&P 500 Looks To Finish Week On A High: Spotlight Turns To Consumer Sentiment Data

U.S. stock futures trended marginally lower in overnight trading after the market closed Thursday's session on a mixed note. The macro uncertainties continue to temper optimism even after the broader market has gained momentum in recent sessions.

As of 9:49 a.m., ET, the Nasdaq 100 futures slid 0.12%, while the S&P 500, Dow, and Russell 2000 futures eased 0.09%, 0.03%, and 0.06%, respectively.

The West Texas Intermediate (WTI)-grade crude oil futures traded marginally higher overnight after hopes of a U.S.-Iran nuclear deal sent the commodity sharply lower on Thursday.

Gold futures also traded flat under $3,230 an ounce, while the 10-year note yield slipped 3.3 points to 4.422% after weak economic data exerted downward pressure in the previous session.

Asian stocks were mixed early on Friday.

Traders in the U.S. may look ahead to a preliminary consumer sentiment reading due at 10 a.m. on Friday.

The University of Michigan's preliminary consumer sentiment index is expected to recover to 53.5 in May after sliding to 52.2 in the previous month, the lowest since July 2022, reflecting anxiety over tariff impact.

The April housing starts and import price index data are also scheduled for the day.

Corporate earnings growth has been cushioning the market thus far. Fund manager Louis Navellier said Nvidia's earnings due on April 27 should boost the overall earnings pace of the S&P 500, which currently runs at an 11.2% year-over-year rate. 

He added that the momentum will likely continue, with a double-digit growth forecast for the remainder of the year.

On Thursday, stocks witnessed some volatility before closing mixed, as traders reacted to a slew of economic data, a speech by Federal Reserve Chair Jerome Powell, and some stock-specific news.

The central bank chief warned that long-term rates may remain elevated amid the policy uncertainties. 

Among the economic tidings, producer price inflation unexpectedly fell, and retail sales growth was anemic in April. 

The S&P 500 Index extended its winning streak to four sessions, although amid some volatility. Meanwhile, the tech rally lost steam, pushing the Nasdaq Composite Index lower for the first time in four sessions.

The Dow Industrials rebounded from a two-session slump despite UnitedHealth (UNH) extending its slide.

The Invesco QQQ Trust (QQQ) ETF, an exchange-traded fund (ETF) that tracks the Nasdaq 100 Index, ended Thursday's session up 0.11% at $519.25, and the SPDR S&P 500 ETF (SPY) added 0.49% before closing at $590.46. 

The SPDR Dow Jones Industrial Average ETF Trust (DIA) rallied 0.70% to $423.48.

The iShares Russell 2000 ETF (IWM) gained 0.65% to $208.13.

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