U.S. stock futures struggled to maintain flight Friday, but were on pace to book a fourth straight gain as Wall Street erased the worst of its ugly losses in the aftermath of the U.K.’s surprising vote to leave the 28-member European trade bloc.
Investors can expect lighter-than-usual volume ahead of the July 4th holiday, which will see markets closed Monday.
Looking ahead, Federal Reserve officials Stanley Fischer and Loretta Mester are expected to speak, and Wall Street will watch for updates on manufacturing and construction spending data.
Futures for the Dow Jones Industrial Average YMU6, +0.20% were up 14 points, or about 0.1%, at 17,837.00 and futures for the S&P 500 index SPU6, -0.01% lost 3.50 points to 2,091.00. Nasdaq-100 futures NQU6, +0.45% were off 2.75 points at 4,409.50.
“Global stocks received a welcome boost during trading this week, as the combination of easing Brexit fears and optimism over central bank intervention renewed investor risk appetite,” said FXTM research analyst Lukman Otunuga in a note.
“Although sentiment has displayed signs of improvement this week…investors should be cautious of this rally as risk aversion remains rife while fears over the global economy linger in the background,” Otunuga added.
For the week, the Dow industrials and the S&P 500 are in for a potential gain of 3%. The Nasdaq Composite COMP, +0.40% could book a weekly rise of 2.9%. Each were on track to break a weekly string of losses.
Fed speakers: Federal Reserve Vice Chairman Stanley Fischer was slated to appear on CNBC Friday morning at 10 a.m. Eastern Time.
In London, Federal Reserve Bank of Cleveland President Loretta Mester will speak at 4 p.m. local time, or 11 a.m. Eastern Time, on U.S. economic outlook and monetary policy at the European Economics Financial Centre.
Economic docket: Markit will release its June reading on manufacturing activity at 9:45 a.m. Eastern.
That is followed at 10 a.m. Eastern by a June manufacturing activity report is due from the Institute for Supply Management. At the same time, the Commerce Department’s figures for construction spending in May are expected.
Automobile makers including Ford Motor Co. F, +1.62% and General Motors Co.GM, +1.06% will issue reports on June vehicle sales.
Stock in Chipotle Mexican Grill Inc.CMG, +0.07% may move after the restaurant chain put Mark Crumpacker, chief creative and development officer, on administrative leave following his indictment in Manhattan over his alleged involvement in cocaine drug ring.
Micron Technology Inc. shares MU, -9.55% dropped 9.5% ahead of the bell after the memory chip maker Thursday evening swung to a quarterly loss and said it would cut jobs as part of a cost-cutting plan.
Shares of Herc Holdings Inc.HRI.W, -22.00% will begin trading Friday on the New York Stock Exchange. The equipment-rental business was separated from car-rental provider Hertz Global Holdings Inc. US:HTZ