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Futures trading suggests a mixed start on Thursday, with tech stocks potentially helping to weather profit-taking-induced weakness. Broadcom Inc. (NASDAQ:AVGO) and Tesla, Inc. (NASDAQ:TSLA) are likely to lead the tech charge, with the former reacting to earnings release and the latter to the likelihood of shareholders approving CEO Elon Musk’s pay package. Traders may also keep an eye on the producer price inflation report for confirmation regarding a gradual let-up in pricing pressure, and the weekly jobless claims report.
Futures | Performance (+/-) |
Nasdaq 100 | +0.63% |
S&P 500 | +0.10% |
Dow | -0.30% |
R2K | -0.65% |
In premarket trading on Thursday, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.11% to $541.98, and the Invesco QQQ ETF (NASDAQ:QQQ) traded up 0.66% at $477.27, according to Benzinga Pro data.
Cues From Previous Session:
Tech stocks led the broader market to a fresh high on Wednesday, and the upside was facilitated by a tame inflation reading. The Federal Open Market Committee’s pause decision was widely expected but the dot-plot curve dampened sentiment as it brought down the rate cuts Fed forecasters see for the year down to two or even one. More importantly, the Fed stuck to its data-dependent stance.
The Nasdaq Composite and the S&P 500 indices opened notably higher after the Wednesday inflation report and consolidated their gains for the remainder of the session. Both averages hit intraday and closing highs. The Dow Jones Industrial Average lagged, with the 30-stock blue-chip average squandering its early gain and declining through the session before closing slightly lower.
Interest-rate-sensitive small-cap stocks rallied, sending the Russell 2000 sharply higher.
Index | Performance (+/-) | Value |
Nasdaq Composite | +1.53% | 17,608.44 |
S&P 500 Index | +0.85% | 5,421.03 |
Dow Industrials | -0.09% | 38,712.21 |
Russell 2000 | +1.62% | 2,057.10 |
Insights From Analysts:
“This bull market has legs left,” said Carson Group Chief Market Strategist Ryan Detrick in a post on X. When the S&P 500 Index was up in November through the following February, the next 12 months have never been lower, said the strategist crunching historical data. The broader gauge was up 14 out of 14 times and the average gain has been 17.4%, he said.
See also: Best Futures Trading Software
Stocks In Focus:
Commodities, Bonds And Global Equity Markets:
Crude oil futures could snap a three-session winning streak as they traded down notably, and gold futures also slipped. The 10-year Treasury yield rose 1.7 basis points to 4.312% after it fell over 2% on Wednesday amid the Fed decision.
Bitcoin (CRYPTO: BTC) weakened and traded around $67.5K.
Most Asian markets rallied on Thursday, tracking the strong gains on Wall Street overnight, although the Japanese and Chinese markets retreated. European stocks were markedly weak in early trading following the strong gains they notched up on Wednesday.
Read Next: Fed Chair Powell Tempers Market Excitement: ‘We Want To Gain Further Confidence’ On Inflation
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