URBN - Nasdaq S&P 500 Futures Decline As Traders Await GDP Data Fed Speeches; Bitcoin Eyes $60K Milestone: Analysts Highlight Small-Cap Gains As Sign Of Robust Economy | Benzinga
Sentiments turn negative on Wednesday after the mixed performance in the previous session, as the focus shifts to some key Main Street data. Traders may prefer to move to the sidelines to see off some key economic catalysts due for the week. Earnings news for the day has been mixed, although some weak retail earnings could dent market mood.
That said, risk appetite is still alive and kicking, as evidenced by the continued surge in cryptocurrencies. A few Fed speeches and the inflation component of the preliminary fourth-quarter GDP report could help set the tone for Wednesday’s session.
Tuesday’s Market Recap:
U.S. stocks closed Tuesday’s session on a mixed note, as traders digested some soft data, including a bigger-than-expected decline in durables goods orders for January and an unexpected drop in the February consumer confidence.
The major indices opened Tuesday’s session uniformly higher before taking divergent routes. While the Nasdaq Composite hovered mostly above the unchanged line, the S&P 500 Index was confined mostly below the flat line in the morning session. The broader gauge recovered in the afternoon to close higher for the day but shy off its all-time high of 5,087.03.
The Dow Industrials ignored a firm start and spent a better part of the session in the red, and in the process, the 30-stock blue-chip average declined for a second straight session.
A majority of S&P sectors advanced on Tuesday, led by communication services and utility stocks. On the other hand, energy and healthcare stocks came under selling pressure.
Small-caps continued to shine, with the Russell 2,000 Index trading in the green throughout the session.
Index Performance (+/-) Value
Nasdaq Composite +0.37% 16,035.30
S&P 500 Index +0.17% 5,078.18
Dow Industrials -0.25% 38,972.41
Russell 2000 +1.34% 2,056.11
Analyst Color:
An analyst sees the recent small-cap outperformance as a reason to cheer. “Historically, small caps lead coming out of an economic downturn as markets prepare for lower rates from the Fed or the economic backdrop begins to bottom without help ...