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Cheddar
U.S. stocks are headed for a higher open, with futures up in pre-market activity.
At 6:40 a.m. ET, futures tied to the broad S&P 500 index rose 0.66%, while blue-chip Dow futures jumped 0.44%. Tech-heavy Nasdaq futures gained 0.91%.
Markets have sold off this week on fears President Donald Trump‘s erratic tariff plans will sink economic growth and regnite inflation that’s been falling closer to the Federal Reserve’s 2% goal. The S&P 500 and Nasdaq are each now at least 10% below their record highs, or what’s considered a correction. The S&P 500 closed at its lowest level since September on Thursday.
Even as stocks slide, some like Former Treasury Secretary Steve Mnuchin say the market’s overreacting and doubt a recession’s coming.
“I don’t see us at all going into a recession,” Mnuchin told Bloomberg on Thursday. “We could have a little bit of a slowdown in the economy as we pull back on government spending, but I don’t think investors should be concerned about a recession.”
He added “a 5% to 10% correction on the S&P or the Nasdaq actually makes sense.”
Corporate news
- Ulta topped analysts’ earnings estimates in the last three months of the year but issued softer-than-expected guidance.
- DocuSign’s earnings topped analysts’ expectations in the last three months of the year but its sales outlook missed.