SQ - Nasdaq S&P 500 Futures Drop As Apple Guidance Disappoints: Analyst Says 'Seasonal Rally' Right On Queue | Benzinga
The market mood has turned cautious after the strong gains seen since the start of the week, with traders likely using Apple, Inc.’s (NASDAQ:AAPL) disappointing guidance as a reason to take profits. On the other hand, most other earnings reports have come in better than expected. A further pullback in bond yields could cushion the slide but the non-farm payrolls data will likely determine the direction of yields in Friday’s session.
Cues From Thursday's Trading:
The extended slide in bond yields, which began moving lower since Fed Chair Jerome Powell‘s dovish comments in the presser that followed the Fed meeting, kept the rally going on Thursday. A bigger-than-expected increase in jobless claims an unexpected annualized quarterly decline in unit labor costs and a slew of positive earnings reports also served as upside catalysts.
The major averages opened higher and advanced steadily throughout the session before ending solidly higher at two-week highs. The broader S&P 500 Index rose by the most since April.
The buying was broad-based, with all the S&P sectors ending in the green. Energy, real estate, industrial, financial, and consumer discretionary stocks gained the most.
US Index Performance On Thursday
Index Performance (+/-) Value
Nasdaq Composite +1.78% 13,294.19
S&P 500 Index +1.89% 4,317.78
Dow Industrials +1.70% 33,839.08
Russell 2,000 2.67% 1,714.21
Analyst Color:
While earnings season wasn’t as good as it could have been, with lots of cuts in ...