UNFI - Nasdaq S&P 500 Futures Retreat On Rate-Hike Worries — But Here's Why This Analyst Sees Bullish End To Year | Benzinga
Stocks are set for a lower opening on Tuesday, with concerns about the sustainability of Monday’s modest recovery looming large amid various uncertainties. Minneapolis Federal Reserve President Neel Kashkari, a member of the central bank’s rate-setting committee, hinted at potential future rate hikes, adding to market unease. Additionally, global markets, particularly Asian stocks, displayed widespread weakness, further dampening sentiment. The market’s focus now shifts to upcoming housing market data, a consumer confidence report, and another Fed speech, as it strategizes its next moves.
Cues From Monday's Trading:
In Monday’s trading, the market experienced a reversal of fortunes, breaking a four-day losing streak as bargain hunters disregarded rising bond yields and engaged in buying activities. Despite opening lower, major indices managed to trim early losses. The Nasdaq Composite and the S&P 500 mostly maintained gains throughout the day, while the Dow Industrials spent much of the session below break-even but rallied in the final minutes of trading. Energy and material sectors led the gains, while defensive sectors like consumer staples, utilities, and real estate faced selling pressure.
US Index Performance On Monday
Index Performance (+/-) Value
Nasdaq Composite +0.45% 13,271.32
S&P 500 +0.40% 4,337.44
Dow Industrials +0.13% 34,006.88
Russell 2,000 +0.44% 1,78.24
Analyst Color:
Presidential election years are typically good for the stock market since the leading candidates promise everything and anything, which helps to boost consumer ...