Highlights
On a somewhat quiet day for US economic reports, industrial production is due at 9:15 am ET. The Econoday consensus looks for industrial production up 0.4 percent, manufacturing output up 0.3 percent and industrial capacity use at 76.5 percent in September versus 76.3 percent in August.
In markets, bond yields have edged up so far Friday as AI stocks and other risky assets recovered. Bond yields plunged on Thursday as investors focused on concern that the AI boom has been overdone. Federal Reserve Chair Kevin Warsh refrained from offering much on the Fed's reaction function in his comments overnight. That is to say, his appearance bolstered the view that the Fed is not poised to raise rates at its Oct. 27-28 meeting. Hot inflation readings this week had raised the prospect the Fed would be obliged to act in October but Warsh appeared to allay those concerns. Expectations are now at 87 percent that the Fed will stand pat in October and at 76 percent that the FOMC will move 25 basis points in December, according to the CBOE FedWatch tool.