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US futures rise, Dow expects eighth win in a row as hopes for interest rate cuts are high

U.S. stock futures rose on Friday, sending the Dow Jones to an eighth straight day of gains, as investors waited for a parade of Fed speakers to test growing confidence that a rate cut is on the way.

Dow Jones Industrial Average (YM=F) futures rose about 0.3%, while S&P 500 (ES=F) futures also rose 0.3% after closing above 5,200 for the first time in a month. Contracts on the tech-heavy Nasdaq 100 (NQ=F) rose 0.4%.

The blue-chip Dow Jones surged higher, posting its longest winning streak this year as stocks staged a comeback from the April doldrums. Growing belief that the Federal Reserve could cut rates sooner than expected – given recent signs of a cooling labor market – has supported the rally.

Read more: What influence does the labor market have on inflation?

That’s why investors will be listening intently to speeches from a packed line of Fed speakers on Friday to better understand the timing, pace and likelihood of policy easing. Michelle Bowman, Neel Kashkari and Austan Goolsbee will appear, among others.

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Earlier, Atlanta Fed Chief Raphael Bostic said he sees a single rate cut at the end of this year, but he also echoed fellow official Mary Daly’s preference to wait for a stronger signal that price pressures are easing.

On the corporate front, TSMC (TSM) shares rose after the Taiwanese contract chip giant said its sales rose 60% in April. It reported continued demand for AI coupled with a rebound in consumer electronics such as smartphones.

Live2 updates

  • Travel trends

    Citi makes a small earnings call today, pointing out these comments from AirBNB’s (ABNB) call this week:

    “The number of nights booked during the Summer Olympics in Paris is five times higher than this time last year, while Germany is seeing a similar trend for the Euro Cup this summer, with almost twice as many overnight stays as last year.”

  • Morning market statistics to know

    The feel-good atmosphere in the markets continues and happiness starts to increase.

    The S&P 500 remains on track for a third consecutive weekly gain for the first time since February. Additionally, Deutsche Bank points out that this has been the strongest performance for the S&P 500 through six sessions so far this year. The S&P 500 is up a solid 3.9% since its recent low on May 1.

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