WEN - Nasdaq S&P 500 Futures Edge Higher Ahead Of Economic Data Deluge: Analyst Lists 5 Reasons Why 2024 Will Be Another Good Year For Equity Market | Benzinga
U.S. stocks could build on their gains on Thursday, with the index futures holding modestly higher. Traders seemed to be cautiously optimistic about incoming economic data reinforcing hopes that the Federal Reverse will soon begin to reverse rates. Bond yields edged down, extending their fall seen since Tuesday’s spike. Earnings news for the day has largely been disappointing, while crude oil prices declined for a second day.
Cues From Wednesday’s Trading:
U.S. stocks advanced strongly on Wednesday, benefiting from buying that followed the previous session’s inflation-induced sell-off. Aiding sentiment were comments from Chicago Fed President Austan Goolsbee, who said even if inflation rises a big hit for a few months, it will likely be consistent with the path toward the central bank’s 2% target.
Traders also cheered a pullback in bond yields after the spike past the 3% mark for the 10-year Treasury note on Tuesday.
The major averages gap-opened higher but the Dow Industrials surrendered its gains and moved back and forth across the unchanged line in the mid-session. The 30-stock blue-chip average moved decisively higher in late-afternoon trading before ending with moderate gains.
The Nasdaq Composite and the S&P 500 Index hovered above the unchanged line throughout the session, showing notable strength in the afternoon.
Nine of the 11 S&P sector classes advanced, with energy and consumer staple stocks bucking the uptrend. Industrial and communication services stocks were among the biggest gainers of the session.
Small-cap stocks outperformed their bigger counterparts, and the Russell 2,000 Index closed 2.44% higher.
Index Performance (+/-) Value
Nasdaq Composite +1.30% 15,859.15
S&P 500 Index +0.96% 5,000.62
Dow Industrials +0.40% 38,424.27
Russell 2000 +2.44% 2,012.10
Analyst Color:
A Morgan Stanley analyst is confident of the better times to last. “Investors should expect more volatility, and times when an overall bullish view of the market will be in jeopardy. That said, there are five significant reasons to support why 2024 could be another good year for equity ...