WFC - Wall Street Wobbles: Stock Futures Point To Slide As JPMorgan Tumbles 3% While Gold Surges Past $2400 — Analyst Sees This As 'Worst-Case' Scenario For S&P 500 Pullback | Benzinga
The relief rally sparked by Thursday’s producer price index report is teetering on the edge. The mood has shifted back to cautiousness, with stock futures pointing towards a potential pullback in today’s final trading session of the week. Traders are meticulously analyzing each incoming piece of economic data to gauge the Federal Reserve’s next move. Upcoming consumer confidence data and speeches by Fed officials are likely to garner significant market interest.
Big bank earnings released so far have triggered negative reactions, and this could cast a cloud on the upcoming reporting season and its impact on the market.
Futures Performance On Thursday ( as of 6:30 a.m. EDT)
Futures Performance (+/-)
Nasdaq 100 -0.53%
S&P 500 -0.43%
Dow -0.27%
R2K -0.52%
In premarket trading on Thursday, the SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.30% to $516.43, and the Invesco QQQ ETF (NASDAQ:QQQ) slipped 0.43% to $443.45, according to Benzinga Pro data.
Cues From Previous Session:
Producer price data released on Thursday came in slightly lower than anticipated, initially triggering a knee-jerk negative reaction in the market. However, major averages reversed course later in the morning, steadily climbing before consolidating in late-day trading. The Nasdaq Composite and S&P 500 closed solidly higher, with the Nasdaq reaching a new closing high driven by strength in IT and communication services stocks. Conversely, the Dow Jones Industrial Average closed with a slight negative bias, marking its fourth consecutive down day.