Coming off the worst trading week in close to a year-and-a-half, markets on Wall Street were poised to rebound at the opening bell today, according to the Associated Press. Futures for the S&P 500 and the Dow Jones Industrial Average rose 0.7% in premarket trading.
Boeing rose 4.1% after the aerospace company and its largest union reached an agreement on a new contract that, if ratified, will avoid a strike that threatened to shut down aircraft production by the end of the week. Boeing said 33,000 workers represented by the International Association of Machinists and Aerospace Workers would get pay raises of 25% over the four-year contract.
Discount retailer Big Lots has filed for Chapter 11 bankruptcy protection and plans to sell its assets and ongoing business operations to private equity firm Nexus Capital Management. Its shares jumped more than 9% on Friday after the company said it would postpone the release of its second-quarter earnings. Trading of Big Lots shares was suspended before markets opened this morning.
Later today, Apple will unveil its iPhone 16 — the first model tailored specifically for artificial intelligence, with expected improvements to its virtual assistant, Siri. Apple shares were basically unchanged before the bell today.
The final government inflation report arrives this week before the Federal Reserve’s next policy meeting. Most expect the U.S. central bank to issue its first interest rate cut in more than four years when it meets next week.
In energy trading, benchmark U.S. crude rose 91 cents to $68.58 per barrel. Brent crude, the international standard, added 86 cents to $71.92 per barrel.
The U.S. dollar was trading at 143.57 Japanese yen.
