US inventory futures are up after Thursday's wild experience
People go outside the New York Stock Exchange.
Spencer Platt | Getty Images
US stock futures traded higher early Friday after a volatile session that resumed the recent tech selloff.
Dow Jones Industrial Average futures implied an opening profit of more than 150 points. S&P 500 futures and Nasdaq 100 futures both traded in positive territory.
The Dow ended Thursday's session with the S&P 500 by more than 1%. The Nasdaq Composite fell 2%. All three major indices showed up before closing lower.
That whiplash action came as tech – its top performing market sector year to date – continued its recent downward trend. Facebook, Amazon, Apple, Netflix, Alphabet and Microsoft closed significantly lower on Thursday. Tesla, which was up more than 8% at one point, was up just 1.4%.
Douglas Busch, founder of ChartSmarter.com, said a "hallmark" of a healthy market closed near its high after a weak start. "The opposite of that action could be defining how the benchmarks performed on Thursday," he said.
"Decent early profits faded quickly, and as many said last week's lows were crucial," Busch said in a statement to clients. "Maybe for the first time in a while we can say advantage bears."
Thursday's declines drove the S&P 500 down more than 2% along with the Dow, which held 30 stocks for the week. The Nasdaq has now fallen 3.5% for weeks.
Another one week drop would mark the S&P 500's first weekly drop since May. The broader market index was also on its way to its worst week since June 26, when it fell 2.9%.
"The next few sessions will be critical in assessing the possible extent of the pullback, and bulls will look for signs of positive deviation as major indices near their 50-day moving averages," said Ken Berman, strategist at Gorilla Trades.
On corporate news, Peloton and Oracle rose in post-business trading on better-than-expected quarterly results. Peloton was up more than 6% and Oracle was up 3.7%.
As for the data, the latest reading of the monthly US consumer price index will be released at 8:30 a.m. on Friday.
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