Before the Bell
US stock futures are holding near flat this morning, with S&P 500 futures up 0.1% and Nasdaq 100 futures down 0.2%, as markets digest overnight remarks from Fed Chair Kevin Warsh. Speaking at an event in Thailand, Warsh said the economy has been more resilient than he expected and that inflation pressures come up in every discussion, but he declined to say what the Fed will do at its remaining meetings this year. After a September rate hike and this week's hotter-than-expected core CPI (inflation excluding food and energy, up 0.3% for the month versus 0.2% expected), that leaves the 10-year Treasury yield back above 5.1%. Regional bank earnings and a Bloomberg report that Taiwan is weighing tighter export controls on advanced AI chips bound for China add to the mix.
Thursday's session was a partial recovery from a rough week for AI-linked stocks. The S&P 500 rose 0.33% to 7,744.06, the Dow gained 1.08% to 52,177.69, and the Nasdaq Composite edged up 0.08% to 26,713.03. Hewlett Packard Enterprise fell about 7.1% and Dell about 6.8% after Barclays downgraded both. Overnight, Japan's Nikkei rebounded about 1.4% after a drop of more than 4% the day before, South Korea's Kospi gained about 2%, and German DAX futures are up roughly 0.9%, while London's FTSE 100 is little changed.