The S&P 500 and the Nasdaq were set to open lower on Friday as a rise in U.S. bond yields weighed on richly valued tech stocks a day after the S&P 500 set a record closing high. Weaker-than-expected labor market data on Thursday eased inflation worries and validated the U.S. Federal Reserve’s accommodative stance, lifting the tech-heavy Nasdaq 1% higher and powering the S&P 500 to a record close. Analysts expect profits for S&P 500 firms to jump about 25% year on year, the strongest first-quarter performance since 2018, according to Refinitiv IBES data.
