Stock futures add to gains after benchmarks snap slide

US equity futures traded higher Friday morning, pointing to further gains after stocks snapped a two-day skid.

The major futures indexes suggest a gain of 0.2% when the Wall Street session begins.

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Investors have been weighing the latest updates from the US Federal Reserve amid concerns about rising inflation. The Fed has signaled that it is prepared to keep raising interest rates and reducing its stockpile of bonds and mortgage-backed securities in order to rein in the highest inflation in 40 years.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City. (REUTERS / Brendan McDermid / Reuters Photos)

Oil prices traded higher Friday morning as an announced planned release of 240 million barrels from emergency stocks offset some concerns over reduced supplies from Russia caused by Western sanctions.

Oil drills are pictured in the Kern River oil field in Bakersfield, California. REUTERS / Jonathan Alcorn

US West Texas Intermediate (WTI) crude futures gained $ 1.27, or 1.3%, to $ 97.27 a barrel.

Brent futures added $ 1.08, or 1.1% to $ 101.66 a barrel.

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Overall, oil was set to drop around 3% for the week.

Congress voted overwhelmingly Thursday to suspend normal trade relations with Russia and ban the importation of its oil.

Bitcoin traded around $ 43,000.

In Asia, Japan’s benchmark Nikkei 225 finished 0.4% higher, Hong Kong’s Hang Seng added 0.3% and China’s Shanghai Composite rose 0.5%.

Ticker Security Cargo Change Change%
I: DJI DOW JONES AVERAGES 34583.57 +87.06 + 0.25%
SP500 S&P 500 4500.21 +19.06 + 0.43%
I: COMP NASDAQ COMPOSITE INDEX 13897.300013 +8.48 + 0.06%

On Wall Street, a late-afternoon rebound was led by technology companies. The S&P 500 rose 0.4% to 4,500.21. The benchmark index is still on pace for its first weekly loss in four weeks.

The Dow Jones Industrial Average gained 0.3% to 34,583.57. The Nasdaq composite added 0.1% to 13,897.30.

Communication services stocks were among the biggest weights on the market. Twitter fell 5.4%. Computer and printer maker HP surged 14.8% for the biggest gain in the S&P 500 after Warren Buffett’s Berkshire Hathaway disclosed an 11% stake in the company.

The yield on the 10-year Treasury rose to 2.65% from 2.61% late Wednesday.

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Investors received an encouraging update on the job market Thursday. The US Labor Department reported that fewer Americans applied for unemployment benefits last week as layoffs remain at historically low levels.

The Associated Press contributed to this report.

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