U.S. stock index futures edged higher on Friday, indicating strong weekly gains for Wall Street.
Investors welcomed the Federal Reserve's commitment to maintaining its rate-easing stance and awaited remarks from Chair Powell later in the day.
All three major U.S. indexes reached new record closing highs in the previous session, driven by a rally in chip stocks following Micron Technology's positive forecast.
The Fed's indication of three potential interest-rate cuts this year further buoyed the market, with traders now seeing a 74% chance of the first cut in June, up from 56% earlier in the week according to the CME's FedWatch Tool.
Investors are closely watching for commentary from several central bankers, including Fed Chair Jerome Powell, for insights into the central bank's monetary policy direction.
The Dow Jones Industrial Average ended Thursday less than 1% shy of the 40,000 mark for the first time, while the S&P 500 and the Dow were both on track for their best weekly performances this year.
The tech-heavy Nasdaq was also poised for its strongest week since mid-January.
In premarket trading, Dow e-minis were up 18 points, or 0.04%, S&P 500 e-minis were up 5.75 points, or 0.11%, and Nasdaq 100 e-minis were up 32.75 points, or 0.18%. Many rate-sensitive megacap growth and technology stocks were advancing.
Tesla led the weekly gains among market leaders, while the Philadelphia Semiconductor Index rose nearly 3% for the week.
Nike's stock fell 6.8% after the company warned of a low-single-digit percentage decrease in revenue for the first half of fiscal 2025 as it trims franchises to cut costs.
Lululemon Athletica also forecasted annual revenue and profit below expectations, sending its shares down 12.5%.
Reddit slid 2.5% a day after its market debut, while FedEx gained 12.5% after beating Wall Street expectations for quarterly profit and operating margin in its largest unit, Express, which rose 2.5% in the February fiscal quarter.
Although most S&P 500 companies won't report on the current quarter until after mid-April, investors are keenly observing early reports from firms like Nike and FedEx for insights into the rest of the earnings season.