VSCO - Wall Street Set For Mixed Open As Traders Cautiously Eye Key Data: Analyst Lists 3 Risks To Show 'We're Not Out Of Woods Yet' | Benzinga
Wall Street stocks are expected to open with a mixed start on Thursday after experiencing four consecutive sessions of gains. Additional economic data is anticipated, providing insights into the strength of the economy and its near-term monetary policy direction. Traders will closely watch the personal income and spending report for July, which includes the Federal Reserve‘s preferred inflation gauge. Additionally, more tech earnings are scheduled to be released after the market closes, and investors will also have the opportunity to hear from a Fed official before the market opens.
Cues From Wednesday's Trading:
Buying interest perked up on Wednesday, as traders received the bad economic news they were hoping for. ADP private payrolls survey showed that job gains in the private sector slowed notably in August, and the preliminary second-quarter GDP report showed a downward revision to the previously reported number of 2.1%.
Stocks opened the session on a mixed note and saw a sharp spike upward immediately after, as traders digested the weak data. Although buying momentum tempered thereafter, the averages spent the better part of the session above the unchanged line before closing modestly to moderately higher. The Nasdaq Composite closed above the psychological resistance of 14,000 and ended at a one-month high.
Most sectors, with the exception of the defensive healthcare and utility stocks, gained ground in the session.
US Index Performance On Wednesday
Index Performance (+/-) Value
Nasdaq Composite +0.54% 14,019.31
S&P 500 Index +0.38% 4,514.87
Dow Industrials +0.11% 34,890.24
Russell 2000 +0.40% 1,903.21
Analyst Color:
It's too early to call for the party despite the recent reversal in sentiment in the stock market, going by comments of Morgan Stanley's Lisa ...