SPY - US Stocks Set To Open In Green After 4-Day Winning Streak On Earnings Fed Pause Hopes — Will Inflation Data Wreck Rally? | Benzinga
Traders remain optimistic as stock futures point to a higher open on Thursday, following four consecutive sessions of gains. The upcoming release of the consumer price inflation report for September, scheduled before the market opens, is likely to influence direction. Delta Air Lines, Inc. (NYSE:DAL) reported strong quarterly results, bolstering expectations of healthy corporate profits this earnings season.
The continued decline in bond yields and the recent pullback in oil prices provide further motivation to stay invested in stocks.
Cues From Wednesday’s Trading:
The stock market is anticipating a potential pause, as evidenced by the ongoing retreat in Treasury yields. Despite a report indicating larger-than-expected increases in producer prices, the major indices started the day on a positive note. However, optimism waned throughout the morning session.
Before the release of the September Federal Open Market Committee meeting minutes, the indices were trading below the unchanged line. They later reversed course as traders absorbed the hawkish message conveyed by the minutes, ultimately closing higher.
The major indices ended the day at their highest levels in approximately three weeks. On the contrary, small-cap stocks faced downward pressure.
Sectors such as communications services, IT, real estate, and utilities led the S&P 500’s best-performing sectors, while energy, consumer staples, and healthcare experienced selling pressure.
US Index Performance On Wednesday