VRTX - US Stocks Set To Extend 5-Day Winning Streak Today? Traders Anxiously Watch Fed Speech Climbing Bond Yields | Benzinga
The market looks set to extend last week’s gains, with the stock futures holding up early Monday ahead of a slew of earnings reports mostly from the small and mid-cap space. Some mega-cap techs gained ground in the premarket, which bodes well for the broader market. A Fed speech scheduled for the day could also lend direction to the market. Notwithstanding the upside in the past week, analysts remain guarded as they lament the lack of breadth in the rally.
The uptick in bond yields at the start of the week may also cause uneasiness among traders.
Cues From Past Week's Trading:
Federal Reserve Chairman Jerome Powell’s pivot to dovishness and the resultant pullback in bond yields as well as benign non-farm payrolls data and some positive earnings worked in unison to give the beaten market a big lift in the week ended Nov. 3. All three major averages notched up notable gains and are on a five-session winning streak. The Dow posted its biggest weekly gain since Oct. 2022 and the S&P 500 and the Nasdaq Composite had their best week since Nov. 2022.
The Dow closed at its highest level since Sept. 21, 2023, and the Nasdaq Composite and the S&P 500 ended at two-week highs.
The Russell 2,000 Index, representing small-caps, outperformed the major averages with a 7.56% weekly jump and is yet marginally down for the year.
US Index Performance In Week Ended Nov. 3
Index Performance (+/-) Value
Nasdaq Composite +6.60% 13,478.28
S&P 500 Index +5.85% 4,358.34
Dow Industrials +5.07% 34,061.32
Russell 2000 +7.56% 1,760.70
Analyst Color:
LPL Financial Chief Technical Strategist Adam Turnquist has taken the market’s comeback with ...