Investing.com – US stock index futures edged lower Friday, consolidating after the benchmark S&P 500 index notched a record closing high, as investors digested more corporate earnings and economic activity data.
At 05:40 ET (10:40 GMT), slipped 95 points, or 0.2%, fell 13 points, or 0.2%, and inched 27 points lower, or 0.1%.
The main Wall Street indexes closed higher on Thursday, with the ending at a record high, after President Donald Trump said he would “demand that interest rates drop immediately” as he addressed world leaders in Davos, Switzerland. The president also said he would ask Saudi Arabia and other OPEC nations to lower the price of oil.
All three major averages are on track to post their second positive week. The S&P 500 and the have gained 2.5% and 2%, respectively, this week, while the tech-heavy around 2.2%.
Data in focus ahead of Fed meeting
Away from Trump’s comments, investors are starting to focus on next week’s Federal Reserve policy-setting meeting, and the future path of interest rates.
The economic data slate includes the latest economic activity data for January, as well as consumer sentiment numbers from the University of Michigan.
The US central bank is widely expected to hold interest rates unchanged on Wednesday, with Fed officials expected to largely disregard any inflationary effects stemming from tariffs under Donald Trump’s administration, as such impacts are viewed as one-time price level increases rather than persistent inflationary pressures, Goldman Sachs analysts said in a research note.
Earlier Friday, the Bank of Japan raised interest rates by 25 basis points, marking the third hike by the central bank since it began scaling back its ultra-loose monetary policy in early-2024.
Verizon, American Express results awaited
In the corporate sector, quarterly earnings from the likes of Verizon Communications (NYSE:) and American Express (NYSE:) are due Friday.
Elsewhere, Boeing (NYSE:) will be in the spotlight, after the aircraft manufacturer said it will post a bigger-than-anticipated loss of around $4 billion in its most recent quarter, as it grappled with a prolonged strike, charges related to US government projects and expenses linked to a slew of job cuts.
Crude set for weekly loss
Oil prices edged higher, but remained on track for a weekly loss, with sentiment dampened by President Trump’s calls for lower crude prices and higher energy production in the US.
By 05:40 ET, the US crude futures (WTI) were 0.5% higher to $74.96 a barrel, while the Brent contract gained 0.4% to $78.61 a barrel.
Both benchmarks were trading more than 3% lower for the week — their worst performance since November — after Trump signed an executive order calling for increased US oil production, while also scaling back certain climate-related restrictions on the energy sector.
Additionally, Trump, during his speech on Thursday at Davos, said Saudi Arabia and the Organization of the Petroleum Exporting Countries to should bring down oil prices.
Uncertainty has also swirled around his plans for trade tariffs against major economies, which could potentially disrupt global trade and weigh on oil demand.
(Ayushman Ojha contributed to this article.)
