WDFC - Nasdaq S&P 500 Futures Rise Amid Tech Buoyancy Bitcoin Gains 2%: Analyst Warns Of Elevated Valuations And Potential Election Volatility | Benzinga
The market’s bullish bias will likely be put to the test on Wednesday as some key market-moving catalysts due this week could pose a threat to the upward momentum. Federal Reserve Chair Jerome Powell is scheduled to testify before the House Financial Committee and is widely expected to be in line with his comments from Tuesday. Traders may also bide time as the second-quarter earnings season kicks off with the big banks this week.
Early indications suggest tech stocks could extend their strength, potentially propping up the market that has been on an extended run. The results of the 10-year note auction could also impact sentiment. Some profit-taking cannot be ruled out ahead of Thursday’s consumer price inflation report.
Futures Performance (+/-)
Nasdaq 100 +0.29%
S&P 500 +0.16%
Dow -0.01%
R2K +0.33%
In premarket trading on Wednesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.17% to $556.76 and the Invesco QQQ ETF (NASDAQ:QQQ) gained 0.29% to $499.23, according to Benzinga Pro data.
Cues From Last Session:
U.S. stocks closed Tuesday’s session on a mixed note as traders took stock of Powell’s rhetoric about inflation. Mega-cap stocks Nvidia Corp. (NASDAQ:NVDA) and Tesla, Inc. (NASDAQ:TSLA) came to the market’s rescue helping to overcome the fatigue that set in following the market’s record run. Some defensive sectors such as healthcare, real estate and utility stocks gained ground, and financial stocks rose solidly.
After a positive open, the Nasdaq Composite and the S&P 500 indices stayed mostly higher, although closing sharply off their early highs. Yet, these two averages set new intraday and closing records during the session. The ...