U.S. stock futures were higher in early morning trading on Friday, after all three major averages snapped three-day losing streaks.
Futures contracts tied to the Dow Jones Industrial Average jumped 129 points. S&P 500 futures and Nasdaq 100 futures also traded in positive territory.
During regular trading, the Dow advanced 434 points for a gain of 1.29%. The S&P 500 and Nasdaq Composite gained 1.22% and 0.72%, respectively.
Still, despite Thursday’s strong session, the major averages are on track for hefty losses for the week as inflation fears hit sentiment.
The Dow is down 2.18% for the week, while the S&P has shed 2.84%. Tech stocks have been hit especially hard, pulling the Nasdaq down 4.56% for the week.
“Higher inflation is likely to remain in the spotlight as the post-pandemic recovery accelerates,” Mark Haefele, chief investment officer at UBS Global Wealth Management, said in a note. “But while we expect inflation fears to generate bouts of volatility, and we continue to position for reflation, we also see such market swings as an opportunity to build exposure to structural winners.”
The Centers for Disease Control and Prevention eased guidelines on Thursday, saying that in most settings fully vaccinated people don’t need to wear masks indoors or outdoors.