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Stocks may take a breather after Wednesday’s record run, fueled by a mild consumer price inflation report, with index futures holding relatively steady in early trading. However, traders might find some optimism in robust tech earnings. The market mood on Thursday could be influenced by various factors, including earnings from retail giant Walmart, Inc. (NYSE:WMT), as well as speeches by Federal Reserve officials and other Main Street events.
Futures | Performance (+/-) |
Nasdaq 100 | +0.13% |
S&P 500 | +0.06% |
Dow | +0.03% |
R2K | -0.25% |
Cues From Previous Session
With consumer prices cooling off across the board, the major indices launched in rally straight out of the gates and finished solidly higher on Wednesday. A soft April retail sales report also lent support. The major averages all broke above their previous record and simultaneously hit a record high for the first time since March 21. Stocks across sectors advanced, with those belonging to the IT sector leading the gains.
Index | Performance (+/-) | Value |
Nasdaq Composite | +1.40% | 16,742.39 |
S&P 500 Index | +1.17% | 5,308.15 |
Dow Industrials | +0.88% | 39,908.00 |
Russell 2000 | +1.14% | 2,109.46 |
Insights From Analysts:
Following the inflation data, fund manager Louis Navellier said he predicts that the Fed will be cutting rates on July 31 and probably another cut in September.
“Next week we are getting NVIDIA’s announcement which should be the grand finale for earnings. Expectations are sky-high with a 275% forecast of sales growth and over 400% forecasted earnings growth from Nvidia,” he said.
“It will be interesting if they can guide higher with such high expectations.”
The view was echoed by Morgan Stanley analyst Ellen Zentner as well. “The U.S. Federal Reserve will likely start interest rate cuts in September. Slowing inflation in the second half of the year should give the Fed confidence to move,” she said.
Upcoming Economic Data:
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Stocks In Focus:
Commodities, Bonds, and Global Equity Markets:
Crude oil and gold futures traded modestly weaker and the 10-year bond yield remained subdued around 4.3% level. Bitcoin (CRYPTO: BTC) rallied strongly and traded past the $66K mark.
While the major Asian markets drew inspiration from Wall Street’s rally overnight and advanced strongly, European stocks, which already reacted to the data, were seen giving back some of Wednesday’s strong gains.
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