Inventory futures barely larger as merchants weigh Powell’s latest feedback on inflation

US stock futures were higher on Friday morning after a choppy trading session as traders took into account Federal Reserve Chair Jerome Powell’s recent comments on inflation.

Dow Jones Industrial Average futures were up 85 points, or 0.27%. S&P 500 and Nasdaq 100 futures were up 0.33% and 0.53%, respectively.

DocuSign shares rose more than 17% in extended trading after the electronic agreement company reported a drop in earnings. The company also issued third-quarter revenue guidance that came in ahead of expectations.

The Dow Jones Industrial Average rose 193 points, or 0.61%, during Thursday’s regular session and closed higher after alternating gains and losses throughout the day. The S&P 500 was up 0.66% and the Nasdaq Composite was up 0.60%.

These gains fueled all three major averages to trigger a 3-week losing streak. Through Thursday, the Dow is up 1.45%. Meanwhile, the S&P 500 is up 2.09% and the Nasdaq Composite is up 1.99%.

Still, stocks remain under pressure as expectations of a 0.75 percentage point rate hike this month rose on Wall Street after the Fed chair said again that he was “strongly committed” to bringing inflation down.

“I think people are grossly underestimating what the Fed needs to do to fight inflation,” Richard Bernstein, CEO of Richard Bernstein Advisors, said Thursday on CNBC’s Closing Bell: Overtime.

“It is incredibly ironic that investors would even consider a Fed pivot when real policy rates remain as negative as they have been in the past. So the Fed isn’t even really serious about fighting inflation. We do not have a positive Real Fed Funds Rate. It’s hard to argue that we should go wildly bullish any time soon,” he added.

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