SPY - Nasdaq S&P 500 Futures Spike On Hopes Of Tame Inflation Data; Oil Bitcoin Jump: Analyst Tells Why 2024 May Not Be All Doom And Gloom | Benzinga
Thursday’s session is set to open on a positive note for U.S. stocks, with attention focused on forthcoming inflation data that could influence trading direction. A lower-than-expected inflation figure might trigger a rally, propelling the S&P 500 Index to new highs. Conversely, indications of increasing inflationary pressure could lead to a rise in bond yields and a further decline in risky assets, including equities.
Analysts are confident that, following a lackluster January, sentiment will likely improve, a trend often observed in presidential election years, potentially extending into the first quarter.
Cues From Wednesday's Trading:
In Wednesday’s trading, major averages closed notably higher as traders embraced risk and gravitated toward tech stocks following their recent dip. Nvidia Corp. (NASDAQ:NVDA) demonstrated strength, registering a 2.28% gain and settling at a new high.
While the averages initially opened slightly higher and briefly entered negative territory, they rebounded from early lows, steadily climbing to finish the session on a solidly positive note. Notably, the Nasdaq Composite Index marked its fourth consecutive session of gains.
Top-performing sectors included communication services, IT, IT services, and consumer discretionary stocks, with energy stocks experiencing a notable pullback.
US Index Performance On Wednesday
Index Performance (+/-) Value
Nasdaq Composite +0.75% 14,969.65
S&P 500 Index +0.57% 4,783.45
Dow Industrials +0.45% 37,695.73
Russell 2000 +0.11% 1,970.26
The S&P 500 Index is just 13.11 points away from a new closing high.
Analyst Color:
As the market languishes in the new ...