U.S. Futures Edge Higher; Biden, Fed Speakers and Big Tech in Focus

U.S. stocks Futures

S&P 500 is trading up 1.43% at 4520.17

U.S. stocks are seen opening marginally higher Friday, consolidating after the previous session’s sharp gains as U.S. President Joe Biden continues his trip to Europe aimed at cementing Western unity against Russia.

At 7 AM ET (1100 GMT), the Dow Futures contract was up 45 points, or 0.1%, S&P 500 Futures traded 7 points, or 0.2%, higher and Nasdaq 100 Futures climbed 20 points, or 0.1%.

The three main averages on Wall Street closed higher Thursday, with the Dow Jones Industrial Average climbing over 350 points, or 1%, the S&P 500 rising 1.4% and the Nasdaq Composite gaining 1.9%. The latter two indices are on course for their second consecutive winning week, while the Dow is largely flat week to date.

Biden travels to Poland later Friday, seeking to give thanks to a member of the North Atlantic Treaty Organization that has taken in millions of Ukrainian refugees.

This follows meetings in Brussels on Thursday with NATO and European allies, where the president called for Russia to be removed from the G20 group of countries, while agreeing to send more aid to Ukraine and levying more sanctions on Moscow.

Back in the U.S., Federal Reserve officials Tom Barkin and John Williams are due to speak later in the session and are expected to continue the hawkish guidance after the U.S. central bank raised the benchmark lending rate by a quarter point at its meeting last week, the first increase since December 2018.

Chicago Fed President Charles Evans said Thursday that the central bank needs to raise rates this year and next to tame inflation before it becomes a self-fulfilling prophecy.

On technical fronts S&P 500 RSI stood at 75.27 and currently it is trading above all MA. So, BUY position can be taken with following target and stoploss:

TRADE SIGNAL – : S&P 500 – BUY: 4527.59, TARGET: 4582.72, STOP LOSS: 4512.58

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