WMT - Wall Street Stays Cautious To Close Out A Big Week Meme Rally Resumes: Analyst Warns Investors 'Not To Sprint On The Victory Lap' | Benzinga
U.S. stocks are poised for a cautious start on Friday as concerns about rising interest rates return. Traders are waiting for a significant catalyst to propel the market higher after its recent record run. A potential resumption of the meme stock rally could inject support into the small and mid-cap (SMID-cap) space. Traders will be closely watching the Conference Board’s leading economic index data and bond yields for clues on future market direction.
Barring a significant downturn, the major indices are still on track to close the week with gains. A series of Federal Reserve speeches scheduled for next week could provide further insight into the central bank’s plans for interest rates.
Futures Performance (+/-)
Nasdaq 100 +0.06%
S&P 500 -0.01%
Dow +0.01%
R2K -0.09%
In premarket trading on Friday, the SPDR S&P 500 ETF Trust (NYSE:SPY) ticked down 0.01% to $528.64, while the Invesco QQQ ETF (NASDAQ:QQQ) traded up 0.05% at $452.21 according to Benzinga Pro data.
Cues From Previous Session
Stocks paused for a breather on Thursday but not before the major indices scaled new intraday peaks. The market experienced some degree of profit-taking as traders digested separate reports showing a rise in jobless claims, sub-par industrial production data, and a spike in import prices.
The major averages were little changed for the bulk of the session before settling marginally lower for the session. In a noteworthy development, the Dow Jones Industrial Average broke above the psychological resistance of 40,000 for the first time. All but consumer staple stocks ended ...