Stock market news live updates: Stock futures point to continued gains, oil rises

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U.S. stock futures were firmly higher Friday as Wall Street looked to snap a three-week losing streak.

Futures on the S&P 500 gained 0.8%, while futures tied to the Dow Jones Industrial Average jumped 230 points, or about 0.7%. Technology stocks led the way up, with Nasdaq futures climbing 1%.

Oil extended a volatile run as prices resumed their climb Friday morning. West Texas Intermediate (WTI) and Brent crude oil futures each rose 2% to $85.21 per barrel and $90.90 per barrel, respectively.

In a stark warning to the West on Friday, Russia said efforts to place price caps on the country’s oil and gas exports in sanctioning Russia for its war in Ukraine would fail and “lead to a slippery floor under its own feet.”

Investors continued to mull remarks made by Federal Reserve Chair Powell at the Cato Institute’s 40th Annual Monetary Conference in Washington D.C. on Thursday.

“The Fed has, and accepts, responsibility for price stability,” Powell said, again affirming the U.S. central bank’s commitment to mitigating inflation. “We need to act right now — forthrightly, strongly.”

Wall Street is anticipating with increasing certainty that Fed officials will deliver a third consecutive rate hike of 0.75% later this month, with a flurry of institutions raising expectations for the magnitude of increases on the Fed’s benchmark policy rate.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 7, 2022. REUTERS/Brendan McDermid

Bank of America, Goldman Sachs, and Nomura have all lifted their forecasts through year end.

“In our view, unchanged guidance about when the pace of rate hikes may slow suggests that Chair Powell and the Fed are comfortable with current market pricing,” BofA economists said.

Elsewhere in markets, shares of DocuSign (DOCU) rallied 17% ahead of open after the company reported better-than-expected second-quarter earnings and raised its subscription revenue guidance for the year.

Zumiez (ZUMZ) shares tanked more than 15% in pre-market trading after the retailer posted disappointing Q2 results and downwardly revised its third-quarter sales guidance. CEO Rick Brooks said “inflation weighed on consumer discretionary spending,” putting pressure on the company’s U.S. business.

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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