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Major U.S. index futures jumped early Thursday as Nvidia Corp.’s (NASDAQ:NVDA) earnings provided a shot in the arm for the market. A couple of market-moving economic data on the job market and the manufacturing sector and a Federal Reserve official’s speech could also affect the day’s trading. Given the confounding rate outlook, the focus is likely to be squarely on these numbers to understand their implications for the Fed funds rate. A market strategist pointed to historical seasonal strength around May-end through early July.
Futures | Performance (+/-) |
Nasdaq 100 | +0.95% |
S&P 500 | +0.59% |
Dow | +0.14% |
R2K | +0.18% |
Cues From Previous Session
U.S. stocks ended Wednesday’s session weaker, dragged by the minutes of the May Federal Open Market Committee meeting that suggested the central bank is resigned to the idea of staying “higher for longer.” As rate-cut bets unraveled, bond yields nudged up, creating additional selling pressure. Investors also preferred to remain cautious ahead of Nvidia’s earnings.
The averages opened on a narrowly mixed note and hugged the unchanged line until the afternoon. After declining sharply following the release of the minutes, they made good some of their losses by late trading and yet ended lower for the day.
Barring healthcare, industrial, and IT stocks, all other S&P 500 sector classes ended in the red.
The major indices all settled off their all-time highs, although the Nasdaq Composite managed to hit an intraday high.
Index | Performance (+/-) | Value |
Nasdaq Composite | -0.18% | 16,801.54 |
S&P 500 Index | -0.27% | 5,307.01 |
Dow Industrials | -0.51% | 39,671.04 |
Russell 2000 | -0.79% | 2,081.71 |
Carson Group’s Ryan Detrick on Wednesday shared a chart to suggest the market could go another leg up in the near term. Citing historical data, the strategist said, “The last week or so of May and early June tends to be a bullish time for stocks historically,” he said.
“Our current focus is on U.S. consumers, whose spending powers more than two-thirds of the national economy. Data here paints an increasingly fragile backdrop,” she said, citing the recent sub-par University of Michigan consumer sentiment reading and weak April retail sales data.
Shalett mentioned the following as better bets during the fluid environment:
Upcoming Economic Data:
See Also: How To Trade Futures
Stocks In Focus:
Commodities, Bonds, and Global Equity Markets:
Crude oil futures snapped a three-session losing streak and rose solidly, while gold futures pulled further back below the $2,400 level. The U.S. 10-year note yield fell 1.2 basis points to 4.422% and Bitcoin (CRYPTO: BTC) retreated below the $70,000 mark.
In Asia, Chinese and Hong Kong stocks fell sharply following recent gains, orchestrated by hopes of stimulus measures. The Australian and South Korean markets experienced more modest weakness, while most other major markets rallied, led by Japan.
European stocks saw tentative gains in early trading following the sharp pullback in the previous two sessions.
Image via Shutterstock
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