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Index futures are trading uniformly lower early Wednesday after the market’s resilient upward move in the previous session. The sentiment is likely to remain guarded ahead of Nvidia Corp.’s (NASDAQ:NVDA) quarterly report due after the market opens. Traders may also pore over the May Federal Open Market Committee meeting minutes to glean cues that can clarify the near-term rate trajectory.
Futures | Performance (+/-) |
Nasdaq 100 | +0.01% |
S&P 500 | -0.07% |
Dow | -0.08% |
R2K | -0.22% |
Cues From Last Session
The major averages closed modestly higher on Tuesday, as traders pondered over the Fed speeches and showed caution ahead of Nvidia’s earnings. The indices opened lower but made good their losses in early trading and spent the better part of the session above the unchanged line.
The Nasdaq Composite and the S&P 500 Index ended at fresh closing records, while the Dow Jones Industrial Average closed just shy of its record under the 40,000 mark. Most sectors saw either muted gains or were flattish, while energy and industrials ended firmly in the red.
Index | Performance (+/-) | Value |
Nasdaq Composite | +0.22% | 16,832.62 |
S&P 500 Index | +0.25% | 5,321.41 |
Dow Industrials | +0.17% | 39,872.99 |
Russell 2000 | -0.20% | 2,098.36 |
Nvidia’s earnings will put a bookend on the earnings season, and the market will likely move sideways until we hear the results and outlook, said fund manager Louis Navellier. “The option market is priced for an 8% swing in both directions, down from the last 4 quarters’ average of a 13% swing, a positive sign.,” he said.
Amid the buoyancy, Comerica Chief Investment Officer John Lynch sounded a note of caution. “While the fresh records for equity indexes suggest a positive commentary on risk appetite, the reemergence of ‘meme stocks’ requires us to be on guard against over-exuberance,” he said.
“Extraordinary monetary and fiscal policy stimulus has been a tailwind for asset prices, but at some point, earnings must substantiate these price levels.”
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Crude oil futures were weaker yet again and gold futures also pulled back. The U.S. 10-year note yield fell 2.9 basis points to 4.443% and Bitcoin (CRYPTO: BTC) traded just above the $70,000 level.
The major Asian markets ended mixed amid caution, with Japan retreating on weak domestic data. While some of the other markets in the region witnessed modest losses, the Chinese market ended marginally higher. The New Zealand, Indonesian, Indian and Taiwanese markets gained some ground. The Reserve Bank of New Zealand kept its official cash rate unchanged but hinted sticky inflation could keep rates steady for longer.
European stocks also started on a lackluster note.
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