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U.S. stocks are on track for a mixed start on Wednesday as the market digests mixed earnings reports and looks ahead to more speeches by Federal Reserve officials. Given the paucity of any market-moving economic data, the spotlight will likely be on central bank officials’s statements about rates and inflation.
The still-contained bond yields suggest traders are still harboring hopes of rate cuts this year. The importance of each incoming data, therefore, can’t be emphasized enough. “Wall Street will continue to root for bad economic news since it wants to guilt the Fed to begin cutting key interest rates sooner rather than later,” said fund manager Louis Navellier.
Futures | Performance (+/-) |
Nasdaq 100 | -0.03% |
S&P 500 | -0.01% |
Dow | +0.07% |
R2K | -0.46% |
Cues From Previous Session:
Some disappointing earnings, particularly from the tech space, were used by traders as a reason for profit-taking on Tuesday. To make matters worse, Minneapolis Fed President Neel Kashkari, while speaking at a Milken Institute conference., said the the Fed may have to stay higher for longer. He also opined that inflation may not be too high to contain inflationary pressure.
The major averages opened on a mixed note and experienced some volatility in the morning session. Although the indices moved uniformly higher and hovered above the unchanged line during the mid-session, they pulled back in the afternoon. While the Nasdaq Composite settled the day modestly lower, the S&P 500 Index and the Dow Industrials experienced modest gains.
Most sectors advanced, although consumer discretionary, IT, and energy stocks came under selling pressure.
In the process, the Dow Industrials extended its winning streak to five sessions, the S&P 500 was higher for a fourth straight session.
Index | Performance (+/-) | Value |
Nasdaq Composite | -0.10% | 16,332.56 |
S&P 500 Index | +0.13% | 5,187.70 |
Dow Industrials | +0.08% | 38,884.26 |
Russell 2000 | +0.19% | 2,064.65 |
Insights From Analysts:
Despite the volatility seen in the market, the broader trajectory in the near term could be higher, said a technical analyst. Fund Strat Global Head of Technical Strategy Mark Newton said in a note on Monday equities remain in a new short-term bullish uptrend as part of intermediate-term uptrends which never wavered during the recent three-week decline.
“While more evidence of falling Yields and the US Dollar is likely beginning in the days/weeks ahead, it's likely that the recent uptick in Healthcare, Financials and Industrials are constructive factors for this market technically and should help it broaden out,” he said.
The analyst also attaches significance to the bounce seen in SMID-cap stocks over the past week. “This recovery is also important despite it being in its infancy,” he said. Newton said he expects the S&P 500 Index to begin its trek back to late March highs at 5264.85 and should exceed this en route to 5400.
Upcoming Economic Data:
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Stocks In Focus:
Commodities, Bonds, and Global Equity Markets:
Crude oil futures were seen extending their declines and were down about a percent and gold futures traded flattish with a slight negative bias. The 10-year bond yield rose 18 basis points but held below the 4.5% mark. Bitcoin (CRYPTO: BTC) fell over 2% to under $62.5K.
Most Asian markets slipped on Wednesday, tracking the lackluster performances of Wall Street stocks overnight, while the European markets firmed up in early trading.
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