×

US futures slip, but major indexes still on track for big weekly gains

Andrew Renneisen | Getty Images

U.S. stock index futures indicated a slightly lower open on Friday as traders continued to digest the presidential election result as well as comments from Federal Reserve Vice Chairman Stanley Fischer.

Fischer, a voting member of the Fed's policy-setting committee, said in prepared remarkshe expects U.S. rates to rise gradually, and said the Fed is close to achieving its dual mandate. The Fed's goal is to return to 2 percent longer-run inflation and to maximize employment.

Earlier this month, the Fed voted to stand pat and refrain from raising the federal funds rate as it seeks to navigate the closely-watched process of normalizing rates.

Dow futures traded 45 points lower, while S&P and Nasdaq futures slipped 9 points and 38 points, respectively. That said, the three major indexes were on track to post weekly gains of at least 3 percent.

The Dow surged to a record high Thursday amid bullish investor sentiment, with many seeing a Trump presidency as being able to create the economic spark that has been missing in the years of low growth following the financial crisis.

On the data front, Friday will see consumer sentiment released at 10 a.m. ET.

On the earnings front, J.C. Penney posted quarterly results and its stock fell about 8 percent in the premarket.

In Europe, the pan-European Stoxx-600 index was around 0.15 percent lower on Friday. In Asia, the Shanghai Composite entered a technical bull market although other Asian markets stuttered.

In oil markets, Brent crude traded at around $45.09 a barrel on Friday, down 1.64 percent, while U.S. crude was around $43.81 a barrel, down 1.6 percent. U.S. bond markets are closed Friday for the Veterans Day public holiday.

—CNBC's Patti Domm and Katie Little contributed to this report.