Stock futures jump as Wall Street looks to snap 7-week losing streak

Wall Street

Markets set for a positive open

U.S. stocks are expected to open higher on Friday, with the major indexes poised to snap their longest weekly losing streak in decades.

As of 6:30 a.m. ET, futures for the Dow were marked 32 points, or 0.1% lower to 32,632. S&P 500 futures gained 11.75 points, or 0.29% to 4,067.50 while the tech-heavy Nasdaq 100 futures added 55 points, or 0.45% to 12,334.25.

On Thursday, the Dow closed 516.91 points, or 1.6% higher as traders digested a slew of company earnings and Fed’s latest minutes. The S&P 500 edged up 2% to finish at 4,057.84, while the Nasdaq Composite jumped 2.7% to close at 11,740.65.

PCE inflation data eyed

Today, traders will be closely watching April U.S. data on personal income and outlays at 8:30 a.m. ET for any signs inflation may have peaked.

Expectations are for personal income to have increased and personal consumption expenditures to have increased 0.6% and 0.7%, respectively.

The report will also contain figures for the personal consumption expenditures (PCE) price index, which is an important inflation for the Federal Reserve. Core PCE price index is seen dropping to 4.9% to from 5.2%.

Gap shares plunge 18% on lowered guidance

Shares of Gap (GPS) are under pressure after the retailer missed analysts’ expectations with its first-quarter earnings report and lowered its financial outlook for the full year.

Gap lost $162 million, or 44 cents per share in the three-month period ended April 30, compared with a profit of $166 million, or 43 cents per share in the same period last year. Revenue stood at $3.48 billion, down 13% from $3.99 billion a year ago.

Analysts expected the company to report revenue of $3.46 billion in the quarter.

Gap expects revenue to decline in the low- to mid-single digit range for fiscal year2022. The company had previously said it expected revenue growth to be in the low single-digit range.

Gap stock tumbled 18.08% to $9.11 a share in the premarket trading session on Friday.