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Stock index futures pointed to a mixed open on Friday, as AI momentum hit another speed bump. The AI trade came under pressure after chipmaker Broadcom warned of margin pressures and disappointed investors with a lesser-than-expected backlog figure for AI product orders. Wall Street watched both the blue-chip Dow and the benchmark S&P 500 notch record closes on Thursday while the tech-oriented Nasdaq Composite dragged lower. Investors also continued to react to Wednesday’s Fed decision to cut its policy rate by 25 basis points to 3.50%-3.75%, which is now its lowest level in three years.
As the year comes to a close, with holidays around the corner, investors will be paying close attention to economic reports due to be announced next week. These include the NAHB Housing Market Index report on Monday, reports on ADP Employment Change, Building Permits, Core Retail Sales, Housing Starts, and Unemployment Rate on Tuesday, with reports on MBA Mortgage Applications, Business Inventories, and Atlanta Fed GDP releasing on Wednesday. Thursday will include the release of economic reports such as Continuing Jobless Claims, Core CPI, and the Philadelphia Fed Manufacturing Index, while reports on the Core PCE Price Index, Personal Income, Personal Spending, and Michigan Consumer Sentiment are set to be released on Friday.
Accenture (ACN), Nike (NKE), Cintas (CTAS), FedEx (FDX), CarMax (KMX), BlackBerry (BB), Paychex (PAYX), Carnival Corp. (CCL), Conagra Brands (CAG), Lamb Weston (LW), Lennar (LEN), Worthington Industries (WOR), and Duluth Holdings (DLTH) will report earnings next week.
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Earnings spotlight: Monday: Abivax (
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