All three major U.S. indexes are on track to end 2013's second quarter Friday with modest gains, despite a rough June.
U.S. stock futures were mixed ahead of the open. Fed officials have been in damage control mode lately trying to quell fears that the central bank might soon end or scale back its bond massive bond buying program that has been a big driver of the bull market.
Yet in trying to allay investor fears, Fed governor Jeremy Stein might have inadvertently spooked investors. He said the Fed could consider tapering bond buying in September. But Stein also said investors were overreacting.
Fed chairman Ben Bernanke kicked off tumult in the stock, bond, and gold markets last week, when he said the central bank could start tapering later this year, if the economy continues to improve.
The mere mention of tapering has sent bond investors scrambling for the exits. The yield on the 10-year Treasury note hit 2.65% earlier this week -- its highest level since August 2011 and well above the 1.6% in early May.
Gold prices got slammed as well. Prices are down 13% so far this month.
While June has been negative for investors, stocks are on track to end the quarter up 3%. Year-to-date, stocks are up 12% to 15%.
U.S. stocks rallied for a third day Thursday, as investors shook off concerns about waning central bank stimulus.
Embattled mobile company Blackberry ( reported first-quarter results Friday that fell short of analysts' forecasts. Shares fell 16% in premarket trading. )
Nike ( shares edged lower in premarket trading, easing from strong after-hours gains following a strong earnings report. Shares of outsourcing and consulting firm )Accenture ( were lower after the firm cut expectations for its year-end results. )
Shares of Pfizer ( edged higher in premarket trading after the drug maker announced late Thursday that it would increased its share buyback program by $10 billion. )