US stock index futures advanced on Friday as investors assessed economic risks posed by Fed monetary tightening. Market players likely did not find the impact of the regulator's policy to be as severe as previously assumed. However, geopolitical tensions and the war between Russia and Ukraine could limit the stock market rally. Today, Russian president Putin's press secretary Dmitry Peskov told journalists that it was too early to give comments on the prospective results of talks on security guarantees. He stated that "reality has changed" and that serious reassessment was necessary.

S&P 500 and Nasdaq 100 futures jumped by 150 points or 0.33% after Bank of America Corp. revised its earnings outlook, signalling that its stock could rise in the upcoming weeks. The Dow Jones Industrial Average rose by 0.27%. The yield on the 10-year US Treasury note remains at its current highs.

Shares of energy companies suffered losses this week amid falling oil prices. Furthermore, they were affected by US and EU agreement to phase out Russian natural gas imports. Investors are concerned by the impact of the war on commodity prices. Soaring prices have fueled inflation expectations and increased the likelihood of a more aggressive rate hike by the Fed.

This week's statements by Fed officials are likely to result in a more inverted yield curve, signalling a recession.

Premarket movers:

Shares of cannabis manufacturers have extended Thursday's rally during the premarket following a report that the US House of Representatives will vote for a second time next week to legalize cannabis at the federal level. The House passed an earlier bill in 2020, but it failed to find support in the Senate. Tilray (TLRY) rose by 14.1%, Aurora Cannabis (ACB) jumped by 10.2%, and Sundial Growers (SNDL) soared by 12%.

US-listed China stocks remain volatile amid concerns about tighter regulation by Chinese authorities and potential delistings in the US. Alibaba (BABA) lost 3.4% during the premarket, JD.com (JD) decreased by 4.2%, Pinduoduo (PDD) slid by 6%, and Didi Global (DIDI) fell by 7.1%.

Shares of cybersecurity company Fortinet lost 2.1% after Bank of America Securities downgraded the stock to "neutral" from "buy," saying strong results are already reflected in the stock's price.

On the technical side, the S&P 500 regained $4,488 yesterday, maintaining upside potential. Bearish traders are likely to push the pair below this level, while bulls would try to extend the uptrend. Today, the S&P 500 has faced resistance at $4,539 - surpassing this level would allow the index to test $4,588 again. If the index breaks above this level, it would open the way towards the highs at $4,665 and $4,722. On the other hand, if the index drops below $4,488 under renewed pressure, it could fall to $4,433, with the low at $4,382 being a further target for bears.