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Beaten-down stocks could make a comeback on Thursday, with Taiwan Semiconductor Manufacturing Company Ltd.’s (NYSE:TSM) strong quarterly report lifting sentiment toward tech stocks. The major U.S. index futures were mixed ahead of the trading session.
A few Fed speeches scheduled for the day, and key economic data, including jobless claims, the results of a regional manufacturing survey, and leading economic index may influence trading direction. Traders may also pay attention to the European Central Bank’s rate decision and its monetary policy outlook.
Futures | Performance (+/-) |
Nasdaq 100 | +0.40% |
S&P 500 | +0.15% |
Dow | -0.13% |
R2K | -0.03% |
In premarket trading on Thursday, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.18% to $557.94 and the Invesco QQQ ETF (NASDAQ:QQQ) added 0.41% to $483.74, according to Benzinga Pro data.
Cues From Last Session:
Geopolitical concerns and apprehensions around the health of the tech reporting season weighed down on the market on Wednesday. The Nasdaq Composite and the S&P 500 Index languished deep in the red throughout the session and ended notably lower, snapping a three-session winning streak. The former had its worst one-day performance since December 2022 and settled below the psychological 18,000 barrier for the first time since July 1.
Among S&P 500 sectors, IT stocks fell the most, while communication services and consumer discretionary stocks also came under significant selling pressure. On the other hand, strength in healthcare, financial, energy, and consumer staple stocks mitigated some of the weaknesses.
The 30-stock Dow Industrials Average bucked the downtrend and rose for the sixth straight session, with Johnson & Johnson (NYSE:JNJ) leading the charge following the pharma giant’s earnings release. Small-caps, however, retreated from a 2-1/2 year high.
Index | Performance (+/-) | Value |
Nasdaq Composite | -2.77% | 17,996.92 |
S&P 500 Index | -1.39% | 5,588.27 |
Dow Industrials | -0.59% | 41,198.08 |
Russell 2000 | -1.06% | 2,239.67 |
Insights From Analysts:
Morgan Stanley Chief U.S. Economist Ellen Zentner said despite investor worries over economic data, the firm expects a soft landing for the U.S. economy. The firm expects three rate cuts, each 25 basis points, beginning in September. “However, increased labor market softness could prompt the Fed to bigger cuts to head off a recession,” she said.
Upcoming Economic Data:
See also: Best Futures Trading Software
Stocks In Focus:
Commodities, Bonds And Global Equity Markets:
Crude oil futures were modestly lower, while gold futures rose. The 10-year Treasury yield climbed 4.2 points to 4.185%. Bitcoin (CRYPTO: BTC) slipped below the $65,000 level.
The Asian markets had a mixed session, with Japan falling on weak trade data and Taiwanese and South Korean markets extending their slide. On the other hand, the Australian, Chinese, and Hong Kong markets ended in the green.
On the other hand, European stocks firmed up ahead of the rate decision. The European Central Bank is scheduled to announce its rate decision at 8:15 a.m. EDT, with economists anticipating that the bank will hold fire after reducing rates by 25 basis points at the last meeting.
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