TECH - Wall Street Looks Set For Modestly Lower Start Ahead Of Key Data Tech Stocks Muted In Premarket: Analyst Says 'Bearish Sentiment Has Become Understandably Quiet' | Benzinga
Wall Street is on track for a lackluster open after the S&P 500’s back-to-back record performances in the first two sessions of the week. The major index futures were all uniformly lower in early trading. Given the wall of worry over growth, traders are expected to closely watch data on private sector activity, existing home sales, and a composite leading index. If the tech stocks fight back and push higher, in all likelihood, the market may finish a strong week firmer.
“The momentum remains positive, with the VIX up modestly but still below 13, as bearish sentiment has become understandably quiet given one new high after another,” said fund manager Louis Navellier in a note to his clients.
Futures Performance (+/-)
Nasdaq 100 -0.12%
S&P 500 -0.14%
Dow -0.13%
R2K +0.02%
Cues From Last Session:
IT stocks served as drags on Thursday, offsetting strength in energy, consumer discretionary, communication services, financial, and utility stocks. The major averages started the session on a mixed note but turned uniformly higher in early trading amid the release of weak economic data that raised hopes for rate cuts this year. Jobless claims for the recent reporting week fell, albeit by less than expected, housing starts trailed expectations and a regional manufacturing survey showed smaller-than-expected expansion in activity.
Growth worries smothered rate optimism and the averages reversed course and moved ...