TSLA - Wall Street Set For Strong Open Ahead Of Fed-Speech Deluge: Analyst Sees More Market Gains For Rest Of Year But Has A Word Of Caution | Benzinga
U.S. stocks appear poised for a positive open on Thursday, reversing recent sluggishness, despite Federal Reserve Chair Jerome Powell signaling the central bank’s data-dependent approach to future rate cuts.
Traders seem unfazed by Powell’s hawkish stance, with some clinging to their expectation of three rate cuts this year. Strong gains earlier this year and typical market optimism during election years further solidify this sentiment. The broad-based market rally adds another reason for confidence.
On Thursday, traders will likely look to the weekly jobless claims data and a slew of Fed speeches to confirm their expectations.
Futures Today
Futures Performance On Thursday ( as of 6:20 a.m. EDT)
Futures Performance (+/-)
Nasdaq 100 +0.51%
S&P 500 +0.38%
Dow +0.32%
R2K +0.25%
In premarket trading on Thursday, the SPDR S&P 500 ETF Trust (NYSE:SPY) gained 0.37% to $521.35, and the Invesco QQQ ETF (NASDAQ:QQQ) rose 0.48% to $444.23 according to Benzinga Pro data.
Cues From Previous Session:
Ignoring a private sector report showing higher-than-expected job growth and Powell’s hawkish comments, major indices closed Wednesday mostly positive. The S&P 500 snapped a two-day losing streak, the Nasdaq Composite closed higher, while the Dow Industrials ended slightly lower. Small-caps led the rebound, with the Russell 2000 outperforming the major indices.
Index Performance (+/-) Value
Nasdaq Composite +0.23% 16,277.46
S&P 500 Index +0.11% 5,211.49
Dow Industrials -0.11% 39,127.14
Russell 2000 +0.54% 2,076.20
Insights From Analysts:
Comerica Chief Investment Strategist John Lynch said ...