ZUMZ - S&P 500 Nasdaq Futures Point To Strong Open Ahead Of Key Inflation Data: Analyst Says New Market Surge Coming In Q4 | Benzinga
Stocks seem poised to continue their upward momentum on Friday from the previous session, although traders remain cautious as they monitor key data points. The focus will be on the Federal Reserve’s preferred inflation gauge, part of the Bureau of Economic Analysis’ personal income and spending report. Nike, Inc. (NYSE:NKE) posted positive earnings, providing support to the market. Bond yields are showing signs of easing, and oil prices are also on traders’ radar.
Additionally, the looming threat of a government shutdown in the absence of a deal could weigh on traders’ minds.
Federal Reserve Chairman Jerome Powell addressed the importance of clear communication from the central bank during a town hall with teachers after Thursday’s market close. However, he did not comment on near-term monetary policy or the current state of the economy.
Cues From Thursday’s trading:
Thursday’s trading saw major indices rise, propelled by declining bond yields. Stocks initially opened lower but turned positive as the 10-year yield retreated from its peak of 4.688%.
Leading sectors included communication services, consumer discretionary, and materials, while IT services and utilities lagged.
US Index Performance On Thursday
Index Performance (+/-) Value
Nasdaq Composite 13,201.28 +0.83%
S&P 500 Index 4,299.70 +0.59%
Dow Industrials 33,666.34 +0.35%
Russell 2000 1,794.31 +0.87%
Analyst Color:
With the market ...