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Trading in the index futures reflects cautious optimism among traders following the market’s record run. Wednesday’s session is abbreviated, with the stock market closing at 1 p.m. EDT, owing to the Independence Day holiday on Thursday. Volume could be anemic, which is typical of a pre-holiday session. That said, traders are left to contend with some key first-tier economic data, including ones on the labor market and the services sector.
The Federal Reserve’s June meeting minutes will drop in only after the market closes. Tesla, Inc. (NASDAQ:TSLA) could lend support to the tech indices as the stock appears on track to extend its winning streak.
Futures | Performance (+/-) |
Nasdaq 100 | +0.05% |
S&P 500 | +0.03% |
Dow | +0.16% |
R2K | +0.28% |
Traders cherished the let-up in the bond yields and a slightly dovish message relayed by Fed Chair Jerome Powell regarding inflation’s trajectory and sent stocks higher on Tuesday. The major averages opened lower but recovered immediately after only to move back and forth across the unchanged line in a narrow range.
The indices launched into a strong rally in the afternoon and ended notably higher. The Nasdaq Composite Index set a record closing high for a second straight day, ending above the 18,000 mark for the first time ever. The S&P 500 also closed at a new record. Both the averages, however, failed to break above their previous intraday highs.
Index | Performance (+/-) | Value |
Nasdaq Composite | +0.84% | 18,028.76 |
S&P 500 Index | +0.62% | 5,509.01 |
Dow Industrials | +0.41% | 39,331.85 |
Russell 2000 | +0.19% | 2,033.87 |
Insights From Analysts:
Carson Group Chief Market Strategist Ryan Detrick predicts Wednesday could bring in more gains. Sharing a chart showing historical data, he said July 3 is historically the best day of the summer and one of the strongest days of the year.
Lumida Wealth’s Ram Ahluwalia calls for a strong performance over the next two weeks, in line with seasonality. However, the wealth manager flagged potential downside volatility after the peak tech earnings season and ahead of the mid-August Democratic convention. Uncertainty would weigh down on sentiment, he added.
Upcoming Economic Data:
See Also: How to Trade Futures
Stocks In Focus:
Commodities, Bonds And Global Equity Markets:
Crude oil futures rebounded from Tuesday’s losses and gold futures are rising. The 10-year Treasury dipped further, while Bitcoin (CRYPTO: BTC) fell over 4% over the past 24 hours and pulled back toward the $60K level.
The global equity markets were on a roll, with the Asian markets closing notably higher, tracking the buoyancy on Wall Street overnight. China bucked the uptrend amid the release of weaker-than-expected service sector activity readings. European stocks started on a firmly positive note.
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