ZS - Wall Street Gears Up For Strong May Finish Even As Futures Slip On Inflation Data Jitters: Analyst Predicts June Slowdown Before H2 Surge | Benzinga
Stocks look set to end May on a positive note, even as index futures pointed to a negative opening on Friday. But sentiment could reverse if important inflation data due ahead of the market open appeases Wall Street. The inflation data assumes importance as it could have a bearing on the June 11-12 Federal Reserve’s rate-setting meeting, with the May consumer price inflation report due only on May 12. Reactions to earnings, especially from the tech and retail spaces, have been mixed.
Futures Performance (+/-)
Nasdaq 100 -0.48%
S&P 500 -0.31%
Dow -0.15%
R2K -0.57%
In premarket trading on Friday, the SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.26% to $521.27, and the Invesco QQQ ETF (NASDAQ:QQQ) traded down 0.47% at $449.44, according to Benzinga Pro data.
Cues From Previous Session
Wall Street ended lower on Thursday as traders expressed disappointment over weak economic data and weak earnings reports. The preliminary first-quarter GDP report showed a downward revision to the advance estimate from 1.6% to 1.3% and pending home sales fell sharply in April. Although the weak data sent bond yields lower for the first time in four sessions, traders fretted over a potential hard landing due to the lagged impact of the aggressive rate hikes.
The Dow Jones Industrial Average fell for a third straight session and ended at the lowest since May 1, while the S&P 500 Index and the Nasdaq Composite Index extended their losing streak to two, with the ...