WDFC - Nasdaq S&P 500 Futures Sag On Rate Worries Mixed Earnings: Analyst Touts 2 Data Points For Possible Recovery | Benzinga
The negative sentiment that has blanketed the market for much of the week will likely extend into the final session of the trading week. The index futures were modestly lower early Friday. Earnings continue to be mixed, likely creating uncertainty concerning the corporate profit growth outlook. Some negative preannouncements could also weigh down on market mood.
Crude oil continues to climb, questioning the U.S. government’s decision to buy oil in order to replenish the strategic petroleum reserve. The 10-year Treasury yield, though easing from above 5%, has stayed elevated. Traders may also eye the two Fed speeches scheduled for the day to draw cues on near-term Fed funds rate. The central bank officials go into a blackout period, beginning on Saturday, until after the Oct. 31-Nov. 1 rate-setting meeting.
Cues From Thursday’s Trading:
Stocks showed a lack of direction till late afternoon trading on Thursday, as traders reacted to mixed earnings a rise in bond yields, and some mostly positive economic data. Following Fed Chair Jerome Powell’s speech, the averages moved decisively lower and declined steadily through the remainder of the session.
The Nasdaq Composite and the S&P 500 indices closed lower for the third straight session and pulled back to their lowest levels since early June. The blue-chip Dow Industrials Average was down for a second straight session.
Consumer discretionary, real estate, healthcare, industrial, and material stocks paced the declines, while communication services stocks gained modestly, thanks to the strong rally in Netflix, Inc. (NASDAQ:NFLX) shares following its quarterly results.
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