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U.S. stocks are on track for a modestly higher start on Thursday, with the S&P 500 looking to extend the winning streak to six sessions. The ultimate trading direction of the day could hinge on a slew of key data, due for the day, pertaining to the job market, consumer spending and manufacturing activity as well as retail earnings. Most of these have relevance for growth at a time when pricing pressure has eased.
Fund manager Louis Navellier said the July retail sales report along with Walmart, Inc. (NYSE:WMT) should offer clues regarding the health of the consumer. These catalysts are all the more important, given concerns expressed by companies over the health of consumers on their earnings calls as well as the higher credit card balances and rising delinquency rates. Walmart shares rose over 6% in premarket following its quarterly beat and an upward revision to full-year guidance.
Futures | Performance (+/-) |
Nasdaq 100 | +0.07% |
S&P 500 | +0.04% |
Dow | +0.18% |
R2K | -0.5% |
Cues From Last Session:
Wall Street closed Wednesday’s session higher, although trading sentiment remained lackluster for much of the day following the July consumer price inflation that came in line with expectations. Alphabet, Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) led communication services stocks lower amid rumors that the Department of Justice is contemplating a break-up of the search giant amid anti-trust concerns.
The major averages opened higher but turned lower immediately after, but the Dow Industrials and the S&P 500 Index recovered and traded mostly higher for the remainder of the session. The tech-heavy Nasdaq Composite was confined in negative territory for the bulk of the session and yet ended marginally higher.
All three averages are now at their highest levels in about two weeks.
Index | Performance (+/) | Value |
Nasdaq Composite | +0.03% | 17,192.60 |
S&P 500 Index | +0.38% | 5,455.21 |
Dow Industrials | +0.61% | 40,008.39 |
Russell 2000 | +0.52% | 2,084.32 |
Insights From Analysts:
The recent equity market pullback should not be a deterrent for investors, according to a market strategist. “Despite the negative market action, we don't believe that there's a reason for equity investors to exercise significant caution,” said Eric Freedman, chief investment officer for U.S. Bank Wealth Management, in a note released on Aug. 8.
“We still think it's a great time to be invested and for those with money in cash, it represents an opportunity to put capital to work in longer-term assets,” he said.
Navellier said in a note to clients that he expects the market recovery to continue, as any weakness in economic data only increases the odds of a more aggressive Fed-cutting cycle.
Upcoming Economic Data:
See also: Best Futures Trading Software
Stocks In Focus:
Commodities, Bonds And Global Equity Markets:
Crude oil and gold futures rebounded after Wednesday’s slide, with the latter trading under $2,500-an-ounce level. The 10-year Treasury note yield rose 1.7 points to 3.839%. Bitcoin (CRYPTO: BTC) pulled back by over 4% over the past 24 hours, falling back toward the $54,000 level.
The Asian markets that remained open for trading closed mostly higher on Thursday, although the Indonesian, Taiwanese and Hong Kong markets saw modest weakness. The South Korean and Indian markets were closed for public holidays. The Japanese market benefited from a strong growth rebound by the economy in the second quarter, while the Chinese market drew encouragement from a slew of weak data that heightened expectations for stimulus.
European stocks held up in early trading.
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