March 14 (Reuters) - U.S. stocks were on track for a higher open on Friday following a week-long selloff triggered by fears of a growth slowdown due to the Trump administration's erratic trade policies, while gold stocks rose as the precious metal breached the $3,000 level.
The global financial landscape witnessed volatility through the week, with the S&P 500 (.SPX), plunging into correction territory, losing $4 trillion. The tech-laden Nasdaq (.IXIC), had entered correction territory the previous week.
Investors scrambled to safe-haven assets, with gold breaching the psychological mark for the first time ever.
U.S.-listed stocks of bullion miners rose, with Barrick Gold gaining 1.9%, Gold Fields adding 2.3% and Sibanye Stillwater up 3.1% in premarket trading.
"While we may be getting used to the chaos, it still seems as though (U.S.) policy is being delivered in a haphazard manner," said Art Hogan, chief market strategist at B Riley Wealth. "It's a technical bounce in an oversold market."
The uncertainty stemming from U.S. President Donald Trump's inconsistent tariff policies has cast a shadow over investment prospects, threatening to tip the U.S. economy into a phase of high inflation and slowing growth.
U.S. tariffs on metal imports triggered swift retaliation from Canada and the European Union. Trump has already hinted at further reciprocal tariffs in early April.
Some brokerages lowered their ratings on U.S. stocks and a number of companies announced downbeat forecasts, citing concerns about the economy.
All three indexes are on track for weekly declines, with the benchmark index set for its longest weekly losing streak in seven months.
The blue-chip Dow (.DJI), is down about 9% from its recent record high.
At 08:42 a.m. ET, Dow E-minis were up 268 points, or 0.66%, S&P 500 E-minis were up 56.25 points, or 1.02%, and Nasdaq 100 E-minis were up 264 points, or 1.37%.
The sharp selloff has tempered U.S. stock valuations. Technical indicators such as the relative strength index for the S&P 500 show that the index has entered oversold territory and analysts say U.S. equities may be poised for a rebound.
Megacaps and chip stocks, which bore the brunt of the week's selloff, rose. Meta (META.O), added 2.3%, Nvidia (NVDA.O), was up 2.7%, Broadcom (AVGO.O), climbed 2.5% and Apple (AAPL.O), edged 0.5% higher.
Tesla (TSLA.O), rose 2.2%. A report said the automaker will make a lower-cost version of its best-selling Model Y in Shanghai, aiming to regain ground lost during a price war in its second-largest market.
The U.S. Senate was on the verge of passing a stopgap spending bill to avert a partial government shutdown after Democrats backed down in a standoff over Trump's campaign to slash the federal workforce.
The University of Michigan's survey of consumer mood is expected at 10 a.m. ET. Economists polled by Reuters expect the index to drop further to 63.1 from the 15-month low it hit in February.
The U.S. Federal Reserve's policy decisions will be in the spotlight in the coming week, with traders betting that the central bank will leave interest rates unchanged, according to data compiled by LSEG.
Crown Castle (CCI.N), jumped 6.7% after it said it would sell its fiber assets to two entities for $8.5 billion, nudged by activist investor Elliott Investment Management.
Reporting by Johann M Cherian and Pranav Kashyap in Bengaluru; Editing by Pooja Desai
