Futures Pointing To Mixed Open On Wall Street

Following the sell-off seen in the previous session, the U.S. stock futures are currently pointing to a mixed open for the markets on Friday. The Nasdaq futures have advanced by 94.50 points, while the Dow futures are down by 58.00 points.

Traders are likely to keep a close eye on activity in the bond markets, as the performance of treasury yields has been a key driver of trading in recent sessions.

Yields on long-term securities like ten-year notes and thirty-year bonds have recently jumped to their highest levels in a year, leading to concerns about higher interest rates.

Currently, the yields on ten-year notes and thirty-year bonds are moving lower, which may lead to buying interest in high-flying tech stocks.

Overall trading activity may be somewhat subdued, however, as traders remain cautious following the volatility seen over the past few days.

In the U.S. economic news, the Commerce Department released a report showing U.S. personal income skyrocketed in the month of January, reflecting the issuance of $600 stimulus checks.

The Commerce Department said personal income spiked by 10.0 percent in January after rising by 0.6 percent in December. Economists had expected personal income to soar by 9.5 percent.

The report also showed a significant rebound in personal spending, which surged up by 2.4 percent in January after falling by a revised 0.4 percent in December.

Economists had expected personal spending to jump by 2.5 percent compared to the 0.2 percent dip originally reported for the previous month.

Just after the start of trading, MNI Indicators is due to release its report on Chicago-area business activity in the month of February.

The Chicago business barometer is expected to drop to 61.1 in February from 63.8 in January, but a reading above 50 would still indicate growth.

The University of Michigan is also scheduled to release its revised reading on consumer sentiment in the month of February.

The consumer sentiment index for February is expected to be upwardly revised to 76.5 from the preliminary reading of 76.2, which was down from 79.0 in January.

Stocks moved sharply lower over the course of the trading session on Thursday, more than offsetting the rally seen on Wednesday. The major averages came under pressure in early trading and saw further downside as the day progressed.

The major averages all saw substantial weakness, with the tech-heavy Nasdaq posting a particularly steep loss. The Nasdaq plunged 478.54 points or 3.5 percent to 13,119.43, its lowest closing level in nearly a month.

The Dow also tumbled 559.85 points or 1.8 percent to 31,402.01 and the S&P 500 plummeted 96.09 points or 2.5 percent to 3,829.34.

In overseas trading, stocks markets across the Asia-Pacific region moved sharply lower during trading on Friday. Japan’s Nikkei 225 Index showed a 4 percent nosedive, while China’s Shanghai Composite Index slumped by 2.1 percent.

The major European markets have also moved to the downside on the day. While the U.K.’s FTSE 100 Index has tumbled by 1.7 percent, the French CAC 40 Index is down by 1 percent and the German DAX Index is down by 0.5 percent.

In commodities trading, crude oil futures are slumping $1.29 to $62.24 a barrel after rising $0.31 to $63.53 a barrel on Thursday. Meanwhile, after plunging $22.50 to $1,775.40 an ounce in the previous session, gold futures are sliding $12.60 to $1,762.80 an ounce.

On the currency front, the U.S. dollar is trading at 106.29 yen versus the 106.21 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.2119 compared to yesterday’s $1.2175.