US stock futures rose on Friday after a mixed overnight session, but the major averages were still headed for big weekly losses as rising interest rates, persistent inflation and a weakening global economic outlook continued to weigh on the markets. Dow futures edged up 0.4%, S&P 500 futures gained 0.6% and Nasdaq 100 futures jumped 1%. For the week, the Dow and S&P 500 are down 3.55% and 4.69% so far, respectively, while the Nasdaq Composite has declined 6.37%.
The stock market has been sliding for months, starting with unprofitable high-growth technology stocks late last year and spreading to companies with healthy cash flows in recent weeks. The selloff has wiped much of the rapid gains stocks enjoyed off their pandemic lows in March 2020, as surging inflation prompted the Federal Reserve to tighten monetary settings. Fed Chair Jerome Powell also told NPR on Thursday that he couldn’t guarantee a “soft landing” that brought down inflation without causing a recession.