US pre-open: Futures point to losses following yesterday's dramatic reversal

Wall Street futures were pointing to early losses ahead of the bell on Friday after stocks staged a dramatic reversal a day earlier to end the session firmly in the red.

As of 1225 BST, Dow Jones futures were down 0.26%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.17% and 0.04% weaker, respectively.

The Dow closed 368.03 points lower on Thursday, reversing the gains recorded in the previous session.

Stocks made an about-face turn after Federal Reserve chairman Jerome Powell said there was a possibility that a larger-than-usual rate hike may be set for next month. Powell stated that taming inflation was "absolutely essential" and that a 50-basis-point hike was on the table for May.

In addition to Powell's comments, Treasury yields were in focus ahead of the bell on Friday, with the yield on the benchmark 10-year Treasury note trading slightly higher at 2.941% prior to the open.

In the corporate space, Kimberly-Clark, Verizon, and American Express were all slated to publish their latest quarterly earnings prior to the open.

On the macro front, S&P's global manufacturing, services and composite PMIs will all be published at 1445 BST.