Stock futures are higher

US stock futures are higher on the last day of a wild trading week.

Near 8:00 a.m. ET, S&P 500 futures were up 9 points, Dow futures were up 117 points, and Nasdaq futures were up 22 points. The Dow and S&P 500 closed lower yesterday.

It’s a quadruple witching day, meaning that index futures, stock index options, stock options, and single stock futures all expire as the first quarter nears its end.

The dollar is lower, with its index trading around 99.10. On Thursday, HSBC made the first major call from Wall Street that the dollar’s rally is overdone and is pretty much over.

There’s no major economic data due today. But at 1 p.m., we’ll get the latest data on US oil and gas rig counts from Baker Hughes. West Texas Intermediate crude oil fell overnight, and is trading near $US43.60 a barrel.

Rig counts have been tumbling over the last few weeks, while inventories are at the highest levels in around 80 years.

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