TSM - Wall Street Set To Stumble At Open As Traders Eye Key Data Fed Chair Powell's Speech: Analyst Finds 2 Reasons To Stay Optimistic In April | Benzinga
Gloom persists on Wall Street as stock futures point to a sluggish start on Wednesday, with the tech space potentially pressured by recent setbacks and the earthquake in Taiwan, home to several tech industry suppliers. Traders also face key data on services and jobs, along with remarks from several Federal Reserve officials.
Cues From Previous Session:
Rate worries weighed heavily on Tuesday, pushing all major averages down by more than 2%. Tuesday’s data releases, including a rebound in manufacturing activity and in-line job openings, reinforced concerns about a strong economy that could prompt the Fed to raise interest rates more aggressively. The indices opened significantly lower and remained flat for most of the session, with the Dow Jones Industrial Average and the S&P 500 ending lower for a second consecutive day.
The sell-off was broad-based, with consumer discretionary, healthcare, and real estate stocks leading the decline. Energy stocks, on the other hand, rallied strongly on continued oil price strength, while utility and communication services edged higher.
The Dow and Nasdaq Composite closed at their lowest points in two weeks, reflecting broader market anxieties.
Index Performance (+/-) Value
Nasdaq Composite -0.95% 16,240.45
S&P 500 Index -0.72% 5,205.81
Dow Industrials -1.00% 39,170.24
Russell 2000 -1.80% 2,065.04
Insights From Analysts:
Notwithstanding the recent lean patch, a fund manager is optimistic about a near-term recovery. “Spring is a happy time of year. This good feeling rubs off on the stock market since April is a seasonally strong month,” said fund Louis Navellier. Citing Bespoke data, ...