XPEV - Nasdaq S&P 500 Futures Flatline Ahead Of JOLTS House Price Data; Why This Analyst Recommends 'Buying Weakness Than Selling Rallies' | Benzinga
Sentiment going into Tuesday’s session appears to be muted, as evident from the stock futures, which were narrowly mixed. A few key economic readings due for the day, including the house prices data, consumer confidence reading, and the JOLTS survey, could keep traders on tenterhooks, given the Federal Reserve’s data-dependent stance. Data suggesting a slowdown in the economic momentum could be construed as a sign pointing to a Fed pause, potentially lifting sentiment in the market.
A few key earnings reports could also sway the market. Trades may also keep an eye on the trajectory of Tropical Storm Idalia, which is approaching the Gulf coast of Florida and is expected to make landfall on Wednesday.
Cues From Monday's Trading:
The major averages extended their gains for a second straight session with the Jackson Hole overhang clearing. Traders also drew encouragement from China's move to boost stock trading in the domestic markets. The major U.S. indices opened uniformly higher and moved roughly sideways throughout the session before closing notably higher.
The buying was broad-based, although defensive utility stocks experienced slight weakness. Communication services stocks saw particular strength, while industrial, energy, IT, and real estate stocks also advanced notably.
US Index Performance On Monday
Index Performance (+/-) Value
Nasdaq Composite +0.84% 13,705.13
S&P 500 Index +0.63% 4,433.31
Dow Industrials +0.62% 34,559.98
Russell 2000 +0.83% 1,869.01
Analyst Color:
The message from Federal Reserve Chair Jerome Powell at Jackson Hole suggests the central bank is skewing toward holding or further rate hikes, which is suggesting a "hawkish hold," says Morgan Stanley analysts.
Against the backdrop, the strategy should be ...