Futures are flying higher

Futures are flying higher on Friday morning.

Near 7:32 a.m. ET, Dow futures were up 145 points, S&P 500 futures were up 19 points, and Nasdaq futures were up 1%, or 47 points.

Stocks went nowhere Thursday in a whipsawing session for global markets after the European Central Bank’s interest-rate decision. The bank announced a cut to its deposit and benchmark rates, sending the euro lower and stocks higher. And then, after president Mario Draghi suggested that cuts are over for now, everything quickly reversed direction.

Crude oil is also heading higher and reaching new year-to-date highs after the International Energy Agency said prices may have bottomed. The IEA says the recent recovery in prices points to the end of the oil crash.

“It is clear that the current direction of travel is the correct one, although with a long way to go,” it wrote in its latest oil market report.

West Texas Intermediate crude futures in New York rose 2% to as high as $38.95 per barrel. At 1 p.m. ET today, Baker Hughes will release its weekly count of US oil and gas rigs.

There’s still mostly dead air for economic data, with just February import prices due later this morning. Data get a lot busier next week, as we get retail sales, producer prices, and home builder sentiment all on Monday.

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