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Futures tracking the S&P 500 and Nasdaq 100 indexes were near record highs on Friday, helped by gains in major U.S. lenders and a robust earnings forecast from Nike, while investors braced for the Federal Reserve's preferred inflation data. Nike Inc surged 11% to a record high in premarket trading after the sneaker maker forecast fiscal full-year sales ahead of Wall Street estimates, helping Dow futures rise 0.3%. Big banks Goldman Sachs, Morgan Stanley, Citigroup, Bank of America, JPMorgan and Wells Fargo added between 0.2% and 1.5% after the Fed announced they have cleared latest stress test and will no longer face pandemic-era restrictions on buying back stock and paying dividends.
The company's fourth-quarter revenue also nearly doubled, topping $12 billion for the first time and overshadowing a weaker-than-anticipated performance in its fast-growing China market. "The strong momentum in Nike's brand globally is more than offsetting pressure in China and supply chain constraints," Telsey Advisory analyst Cristina Fernandez said. Those factors helped Nike more than make up for weak China sales, which were hit by calls to boycott global brands for their comments around forced labor in Xinjiang.