FFIV - US Stocks Set To Approach New Week With Caution Ahead Of Fed Meeting Tech Earnings: Analyst Says 'Buy The Dip' Contingent On This Condition | Benzinga
U.S. stocks are looking to build on past week’s gains, with the mood remaining cautiously optimistic. The major index futures were modestly higher in early trading.
Given the strong gains in the past week, it wouldn’t come as a surprise if traders choose to take some profits, especially with the Fed meeting looming. Analysts hope the upward momentum gains strength if the central bank chooses to deliver a dovish message. In the absence of any major Main Street cues, the focus is likely to rest solely on earnings.
Futures Performance On Monday ( as of 6:20 a.m. EDT)
Futures Performance (+/-)
Nasdaq 100 +0.24%
S&P 500 +0.16%
Dow +0.12%
R2K -0.00%
In premarket trading on Monday, the SPDR S&P 500 ETF Trust (NYSE:SPY) climbed 0.20% to $509.27, and the Invesco QQQ ETF (NASDAQ:QQQ) rose 0.29% to $432.27, according to Benzinga Pro data.
Cues From Past Week’s Trading:
U.S. stocks rebounded strongly in the week ended April 26, thanks to the optimism generated by strong corporate profit growth. The Nasdaq Composite and the S&P 500 Index entered the week with six straight sessions of losses and bargain hunting lifted the major averages early in the week. Although the indices suffered inflation jitters in the middle of the week, the earnings catalyst helped a strong comeback in the final session.
The Nasdaq Composite and the S&P 500 Index snapped four-week and three-week losing streaks, respectively, and finished at their best closing levels since April 12.
Index Performance ...