Dow Futures soared 130 points on Friday as the bulls on Wall Street look forward to pushing the benchmark indices to a new record.
The futures of other indices like the S&P 500 and Nasdaq Composite were also trading in green today, indicating that the tech momentum is far from over and Wall Street may see some serious action on Friday.
The investors will take note of the recent announcements by the Trump administration around the completion of a trade deal with China.
Without going into the specifics, Commerce Secretary Howard Lutnick said that the deal with China was “signed and sealed” earlier this week.
US President Donald Trump spoke about the deal at a White House event and said:
“We just signed (trade deal) with China. We are not going to make deals with everybody. But we’re having some great deals. We have one coming up, maybe with India, a very big one.”
Dow Futures indicate bullish momentum
The rally in Dow Futures came as the S&P 500 index briefly touched a new record on Thursday with Dow Jones Industrial Average and Nasdaq Composite index also looking to post some new highs.
The dominance of tech stock continued on Wall Street as Cyngn shares rallied over 300% on Thursday after its collaboration with chipmaker Nvidia.
Other tech players like Nvidia, AMD, Super Micro Computer (SMCI), etc. are posting record gains and closing higher in back-to-back sessions.
The market participants, however, also kept a close eye on Donald Trump’s rising disagreements with the US Fed chief and his recent remarks about finding his replacement.
S&P 500 stages impressive comeback
Despite still trailing the MSCI All-Country Index and falling about 20% behind euro zone stocks in dollar terms for 2025, the S&P 500 has staged an impressive comeback.
The index nearly completed a 20% rebound from its February highs through the April lows and back again.
Meanwhile, Wall Street’s so-called “fear gauge,” the VIX, dropped to a four-month low, signaling calmer investor sentiment. Gold also lost ground, slipping to its lowest price in nearly a month.
Adding fuel to the market’s rally, the US dollar continued to weaken, hitting a three-year low this week.
That decline offers a major boost for American multinationals, with over 40% of S&P 500 revenues generated overseas, effectively giving them a currency tailwind of more than 10% this year.
As of Friday, the dollar hovered close to its lowest level of 2025.
As investors looked ahead to the upcoming US inflation report for May, due later on Friday, oil prices largely shrugged off renewed tensions in the Middle East, continuing a nearly 20% decline from the same time last year.
At the same time, yields on both two- and ten-year Treasury notes dropped to their lowest levels since early May on Thursday.
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