TTWO - US Stocks Set To Open Higher Finish Week Stronger Amid Mixed Earnings: Analyst Sees Another Leg-Up Ahead Of Historically Weak March | Benzinga
The resilient U.S. stock market is on track to close the week on a positive note as futures pointed to a modestly higher open on Friday, with the small-cap space potentially leading the upside. Earnings reactions have largely been negative, and oil has reversed course. The upward momentum that has been in play in recent sessions could cushion the market, especially as most major indices are in uncharted territory. Seasonal factor revisions to the Labor Department’s consumer price inflation estimates and a speech by the Federal Reserve could also guide the trading direction for the session.
Cues From Thursday's Trading:
The ongoing earnings growth momentum helped allay trader concerns about a potential pullback from record high levels and the rate worries triggered by the jobless claims data, which reinforced the strength of the labor market and, in turn, the economy. The extended rally in crude oil propped up energy stocks.
The major averages opened Thursday’s session higher and lost ground immediately after. The Nasdaq Composite recovered and stayed above the unchanged line throughout the remainder of the session. The S&P 500 Index and the Dow Industrials, the record breakers, traded mostly lower before making a comeback in late trading. The latter two averages raced to fresh record closes, with the S&P 500 Index breaking above the 5,000 psychological barrier for the first time ever.
Among S&P sector classes, energy stocks gained notably, while real estate and communication services stocks also found modest buying. On the other hand, financial, material, utility, and healthcare ended lower.
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