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Wall Street’s mood may continue to be jittery, with the index futures trading narrowly mixed in early trading. The uncertainty ahead of Friday’s non-farm payrolls report has proved to be the dampener much of the week. The weekly jobless claims and a duo of service sector readings due for the day could nudge the major indices in either of the directions depending on how they pan out.
Companies with exposure to artificial technology could come under pressure amid negative reactions to earnings from C3.ai, Inc. (NYSE:AI). Nvidia Corp. (NASDAQ:NVDA), though, is modestly higher. Crude oil futures rebounded and gold futures are also firmer. The CBOE Volatility Index, aka VIX, is settling down after its recent spike. Traders may also prefer to keep an eye on the bond yields amid rising recession worries.
Futures | Performance (+/-) |
Nasdaq 100 | -0.06% |
S&P 500 | +0.04% |
Dow | +0.09% |
R2K | -0.06% |
In premarket trading on Thursday, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.03% to $551.10 and the Invesco QQQ ETF (NASDAQ:QQQ) edged down 0.07% to $460.31, according to Benzinga Pro data.
Cues From Last Session:
U.S. stocks closed Wednesday on a mixed note as economic worries countered any upward bounce generated by bargain hunting that followed the recent declines. Stocks started off on a notably weaker note after the July job openings came in at the lowest since early 2021. The major averages cut their losses and moved higher in late-morning trading before reversing course and languishing in the red for much of the remainder of the session.
A late-session buying surge lifted the Dow Industrials into positive territory, while the S&P 500 and the Nasdaq Composite indices closed modestly lower, but off the lows of the session.
Energy stocks fell by the most, and communication services and IT stocks also declined, while consumer staples, real estate and utility stocks gained ground.
Index | Performance (+/) | Value |
Nasdaq Composite | -0.30% | 17,084.30 |
S&P 500 Index | -0.16% | 5,520.07 |
Dow Industrials | +0.09% | 40,974.97 |
Russell 2000 | -0.19% | 2,145.22 |
Insights From Analysts:
Amid the fluid market condition, a fund manager is upbeat about the equity market performance. “September is off to a tough start, and uncertainty may remain high until the reaction to the Fed cut is in the bank,” said Louis Navellier, adding that, “history says that any month that starts with a +1% correction is higher by the end of the month, and no one would be surprised to see that, especially with the Fed cuts motivating all the cash on the sidelines to find a new home.”
LPL Financial Portfolio Strategist George Smith also commented on the September seasonality, stating it is not favorable to stocks with poor performance typically backloaded. That said the strategist sees some mitigating factors, including the interest rate trajectory. He noted that the September Federal Open Market Committee meeting takes place right at the start of the historically weak period for stocks in September.
“We don't rule out the possibility of short-term weakness as markets could readjust having gotten slightly over their skis on the pace and number of rate cuts that the Fed will deliver,” Smith said. “Scanning out further, both post-election and fourth-quarter seasonality become more favorable stocks,” he added.
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Commodities, Bonds And Global Equity Markets
Crude oil futures rebounded on Thursday and yet traded below $70-a-barrel and gold futures advanced. Bitcoin (CRYPTO: BTC) rose modestly toward the $57K level. The yield on the 10-year Treasury note remained unchanged at 3.768%. The yield curve, which represents the relationship between the 10- and 2-year Treasury yield, briefly reversed due to rising expectations of rate cuts, and the dis-inversion typically happens at the start of the resurrection.
The Asian markets had a mixed outing on Thursday, as the yen’s continued strength exerted downward pressure on the Japanese markets, while some major markets in the region took encouragement from Wall Street closing off the lows of the session.
European stocks traded mostly lower in early trading.
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