US stock futures rose on Friday morning after a choppy trading session as traders considered the latest comments from Federal Reserve Chairman Jerome Powell on inflation.
Dow Jones Industrial Average futures rose 85 points, or 0.27%. S&P 500 and Nasdaq 100 futures rose 0.33% and 0.53%, respectively.
Shares of DocuSign rose more than 17% in extended trading after the electronic agreements company reported a rise in earnings. The company also issued a revenue forecast for the third quarter that was higher than expected.
The Dow Jones Industrial Average rose 193 points, or 0.61%, in Thursday’s regular session, closing higher after alternating gains and losses throughout the day. The S&P 500 rose 0.66% and the Nasdaq Composite rose 0.60%.
Those gains put the three major averages on pace to snap a three-week losing streak. Through Thursday, the Dow is up 1.45%. Meanwhile, the S&P 500 is up 2.09% and the Nasdaq Composite is up 1.99%.
Still, stocks remain under pressure as expectations for a 0.75 percentage point rate hike this month rose on Wall Street after the Fed chairman reiterated that he is “strongly engaged” to reduce inflation.
“I think people are greatly underestimating what the Fed will have to do to fight inflation,” Richard Bernstein Advisors CEO Richard Bernstein said Thursday on CNBC’s “Closing Bell: Overtime.”
“It’s incredibly ironic that investors are even considering a Fed pivot when the real Fed funds rate remains as negative as it has been historically. So the Fed is still not fighting inflation hard. We don’t have a positive real. fed funds rate. It’s hard to argue that we should turn very bullish anytime soon,” he added.