US open: Major indices on course to snap three-week losing streak
Wall Street stocks were in the green early on Friday, putting major indices on track to snap a three-week losing streak.
As of 1500 BST, the Dow Jones Industrial Average was up 0.46% at 31,921.46, while the S&P 500 was 0.63% firmer at 4,031.41 and the Nasdaq Composite came out the gate 0.98% stronger at 11,977.80.
The Dow opened 146.94 points higher on Friday, extending gains recorded in the previous session.
Despite a solid week for the blue-chip index, expectations of a 0.75% interest rate hike at the Federal Reserve's next policy meeting continue to weigh on sentiment. The European Central bank raised interest rates by 75 basis points at yesterday's meeting and stated there would be further rate hikes to follow as part of its efforts to fight inflation.
Oil prices were in focus early on Friday following threats from Russia to stop exports, with Brent crude futures up 2.51% a barrel at $91.39 and West Texas Intermediate futures rising 2.42% to $85.56 per barrel.
On the macro front, wholesale inventories rose 0.8% month-on-month in July to $902.9bn, following a 1.9% increase in June, according to the Census Bureau.
Elsewhere, the Federal Reserve's Charles Evans, Christopher Waller, and Esther George will deliver speeches throughout the course of the day.
In the corporate space, DocuSign shares traded higher after the company posted an earnings beat overnight and issued third-quarter revenue forecasts that came in ahead of expectations.
No major earnings were slated for release on Friday.
Reporting by Iain Gilbert at Sharecast.com