U.S. stock futures rose Friday morning as the S&P 500 looked to close out its second consecutive positive week.
Futures tied to the Dow Jones Industrial Average gained about 95 points, or 0.3%. S&P 500 futures added 0.4%, while Nasdaq 100 futures ticked up 0.4%.
The move comes after a solid session for stocks on Wednesday in which the S&P rose 1.4%, the Nasdaq Composite gained 1.9% and the Dow added 349 points.
For the week, the S&P 500 and Nasdaq are up 1.3% and 2.1%, respectively. Both are on track for their second-straight winning week. The Dow is down marginally week to date.
The S&P 500 is now up more than 3% in March, more than erasing its losses since Russia invaded Ukraine late last month.
The rebound has come even as the war in Ukraine continues and the Federal Reserve is set to hike interest rates several more times this year.
“Equities are rallying despite a hawkish Fed and stagflation concerns, as many believe there is no alternative to stocks,” said Mark Haefele, chief investment officer at USB Global Wealth Management.
Traders are keeping an eye on Europe as the Ukraine-Russia continues. The European Union on Friday struck a gas deal with the U.S. in an effort to reduce its dependency on Russian energy.
The news comes after President Joe Biden said Thursday at a NATO summit in Brussels that the U.S. would respond if Russia used chemical weapons in Ukraine.
–CNBC’s Christopher Hayes contributed to this report.
