US pre-open: Stocks seen weaker ahead of PMIs

US stock futures pointed to a weaker open on Wall Street on Friday.

At 1210 BST, Dow Jones Industrial Average, S&P 500 and Nasdaq futures were all down 0.3%.

Joshua Mahony, chief market analyst at Scope Markets, said: "Wall Street is looking at a softer start to the week’s final session, with the deteriorating global growth outlook combined with the Fed’s threat of continued policy tightening in the second half of the year taking a toll on sentiment.

"There’s concern creeping in that equity markets may now be on course for a significant correction - obviously we’ve seen this narrative crop up a few times of late and the outcome has been broadly muted, but with inflation in many quarters remaining stubbornly high and many valuations looking toppy, there’s certainly plenty of scope for profit taking.

"PMI readings from S&P will be released this afternoon, and with the composite print expected to show a deceleration in growth, again this could end up weighing as we look towards the weekend break."

In equity markets, Virgin Galactic slid in pre-market trade after a securities filing on Thursday revealed it had successfully raised $300m via an "at the market" offering of common stock. It’s also planning to raise an additional $400m to develop and grow its space fleet.