U.S. index futures fell in pre-market trading this Friday, following the record closes of the S&P 500 and Nasdaq, driven by the recovery in the technology sector. Treasury yields are down, reflecting expectations that the Federal Reserve might cut interest rates later this year, in response to signs of disinflation.

At 6:38 AM, Dow Jones futures (DOWI:DJI) dropped 316 points, or 0.81%. S&P 500 futures fell 0.50%, and Nasdaq-100 futures lost 0.22%. The yield on the 10-year Treasury note was at 4.204%.

In the commodities market, West Texas Intermediate crude for July fell 0.15% to $77.50 per barrel. Brent crude for August rose 0.05% to around $82.79 per barrel. Oil prices are heading for their first weekly gain in four weeks. Markets are assessing the impact of higher U.S. interest rates contrasted with strong outlooks for crude oil and fuel demand this year. Iron ore traded on the Dalian exchange rose 1.97% to $114.03 per metric ton.

Friday’s economic agenda starts at 8:30 AM, with the Labor Department releasing May’s import and export prices. The consensus monitored by LSEG anticipates a rise of 0.1%. Later, at 10 AM, the University of Michigan and Thomson Reuters will present the preliminary reading of the June Michigan/Reuters consumer sentiment index, which includes expectations for U.S. inflation over 1 and 5 years.

European markets fell after a positive opening, in anticipation of April’s trade balance data, to be published by Eurostat. French stocks significantly retreated, with investors apprehensive about the possible victory of the National Rally party, after Emmanuel Macron called for parliamentary elections. Automotive sectors also suffered, due to the EU’s announcement of higher tariffs on Chinese electric vehicles and a British investigation into emissions.

Asian markets closed mostly higher, with Tokyo recovering after the Bank of Japan maintained the current volume of Japanese government bond purchases. The Nikkei index rose 0.24%, reversing early losses. Shanghai SE rose 0.12%, South Korea’s Kospi advanced 0.13%, while Hong Kong’s Hang Seng index fell 0.94% and Australia’s ASX 200 retreated 0.33%.

U.S. stocks had lackluster performance on Thursday. The Dow Jones fell 0.17% to 38,647.10 points, while the S&P 500 rose 0.23% to 5,433.74 points, and the Nasdaq advanced 0.34% to 17,667.56 points. The S&P 500 and Nasdaq once again reached record closings for the day, driven by the Producer Price Index (PPI), which fell 0.2% in May, contrary to expectations of a 0.1% rise. Among individual stocks, Broadcom (NASDAQ:AVGO) rose 12.3% after better-than-expected fiscal second quarter results and an announcement of a 10-for-1 stock split.