ZUMZ - S&P 500 Nasdaq Face Sea Of Red Again Ahead Of Open — But An Analyst Thinks It's Time For Bargain Hunting | Benzinga
The negative sentiment prevailing in the week continues, with stock futures indicating another down session on Friday. The absence of significant Main Street drivers may exacerbate the weakness, though positive earnings movements could offer some support. China remains a focal point due to domestic growth concerns and the potential for a trade war with the U.S., dampening traders’ risk appetite.
Analysts remain optimistic about the long term. “Despite a weak August and the possibility of a challenging September, overall conditions remain favorable. While volatility may arise, the longer-term trend is likely to remain positive,” said Brad McMillan, Chief Investment Officer at Commonwealth Financial Network.
Cues From Thursday’s Trading
Index Performance (+/-) Value
Nasdaq Composite -0.89% 13,748.83
S&P 500 Index -0.32% 4,451.14
Dow Industrials 0.0017 34,500.73
Russell 2000 -0.99% 1,855.76
Thursday’s trading witnessed a pullback, particularly in tech stocks, though the Dow Industrials held steady, boosted by gains in defensive healthcare and consumer staple stocks.
Rumors of China expanding its iPhone ban led to a sell-off in Apple, Inc. (NASDAQ:AAPL) and other tech firms, fueling concerns about a potential U.S.-China trade war.
In economic news, unexpected declines in jobless claims for the week ended Sept. 2 were noted, and revised second-quarter productivity and cost data showed upward revisions in unit labor costs, a measure ...