US futures point to higher open

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U.S. stock index futures were set to open higher on Friday morning.

At around 02:30 a.m. ET, Dow futures rose 156 points, indicating a positive open of more than 164 points. Futures on the S&P and Nasdaq were both higher.

Wall Street closed Thursday’s session on a more positive note, reverting some of the steep losses seen earlier in the week. However, market sentiment remains volatile to developments in the bond market.

Investor sentiment turned more negative when the U.S. 2-year/10-year Treasury yield curve inverted — a market phenomenon often considered a recession indicator. The U.S. 30-year Treasury yield dropped to a record low on Thursday, while the yield on the benchmark 10-year notes dipped to a three-year low, as investors seek safe haven assets.

Speaking to CNBC in Asia, Ray Dalio, founder of the world’s largest hedge fund, said that there’s a 40% chance that the U.S. will experience a recession before the 2020 election.

Meanwhile, President Donald Trump said Thursday that he believed the U.S.-China trade dispute would be relatively short, adding China wanted to make a trade deal.

His comments came after Beijing promised it would counter the latest tariffs on $300 billion of Chinese goods but urged the U.S. to meet halfway in order to secure an agreement.

On the data front, there will be housing starts and building permits due at 08:30 a.m. ET. Consumer sentiment numbers will be released at 10 a.m. ET. The OPEC is also publishing its monthly oil report.

In corporate news, there are very few companies reporting. Deere will be updating investors before the bell.

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