US stock futures pulled back on Friday, signaling a retreat from all-time highs as European turmoil rattled nerves and Elon Musk's pay package win put Tesla (TSLA) center stage.
Dow Jones Industrial Average futures (YM=F) sank about 0.7% to lead the declines, while S&P 500 futures (ES=F) shed 0.5%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) were roughly 0.2% lower.
Stocks are losing steam after the benchmark S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) nailed record closes for the fourth day in a row, boosted by strength in techs. A surprise cooling in wholesale price pressures gave heart to investors betting on two interest-rate cuts this year, given the fall is seen as likely to be reflected in the coming PCE inflation reading watched by the Federal Reserve.
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But the Fed this week dialed down its projected rate cuts from three to one in 2024, keeping the market guessing and leaving stocks vulnerable to shifts in mood. Strength in techs has driven broader gains, setting the S&P 500 and Nasdaq up for weekly wins — for now, at least. But the Dow faces a loss for the week, as questions persist about the breadth of this year's rally.
