USO - US Stocks Set To Rebound On Nvidia Q3 Cheer: Analyst Says Trader Focus Now On This S&P 500 Resistance Level (UPDATED) | Benzinga
Editor’s note: This story has been updated to reflect the U.S. markets have normal trading hours Wednesday, and the market is closed Thursday for the Thanksgiving holiday.
Sentiment appears to have reversed course after Tuesday’s pullback, with stock futures pointing to a modestly higher open. The positive shift comes despite a slew of retail earnings disappointments, potentially buoyed by Nvidia Corp.’s (NASDAQ:NVDA) positive movement. Key economic data on the jobs market, consumer sentiment, and durable goods orders could create ripples in the market.
Trading volume could be light in thin pre-holiday trade, lending less credence to the day’s moves. The market is closed on Thursday on account of the Thanksgiving Day holiday.
Cues From Tuesday’s Trading:
Stocks had an off-day on Tuesday amid profit-taking following recent gains that propelled the broader market to its highest level in over 3-1/2 months. Negative commentary from retailers and a pullback in Nvidia’s shares tempered the new-found momentum of the market. The Federal Reserve’s meeting minutes did not offer any surprises and conveyed the message that the central bank may be in a “wait-and-watch” mode.
The major averages opened lower and moved roughly sideways below the unchanged line throughout the session. In the process, the S&P 500 Index and the Nasdaq Composite snapped a five-session winning streak.
IT, consumer discretionary, and real estate stocks served as drags on the broader market, while healthcare stocks gained ground.
Small-cap stocks underperformed their larger counterparts, with the Russell 2000 Index closing down over 1%.
US Index Performance On Tuesday
Index ...