Stock futures tick higher after Wednesday’s rally

Stock futures rose in Thursday morning trading.

Futures tied to the Dow Jones Industrial Average added 23 points, or 0.07%, while those tied to the S&P 500 and Nasdaq 100 gained 0.22% and 0.24%, respectively.

Salesforce stock lost 6% in extended trading on the news that co-CEO Bret Taylor resign. Snowflake shares fell About 5% on light product revenue forecasts.

The overnight moves followed a strong rally in regular trading, with the Nasdaq Composite and S&P on three-day losing streaks as Federal Reserve Chairman Jerome Powell appeared confirm a slowdown in central bank tightening – a question that has persisted in recent weeks.

“The market is reassured by Powell’s balanced tone – particularly the indication of a slowdown in interest rate hikes ahead and ‘risk management’ to mitigate the risk of excessive tightening,” Yung said. -Yu Ma, Chief Investment Strategist at BMO Wealth Management.

On Wednesday, the Dow Jones jumped 737.24 points, or 2.18%, to 34,589.77, while the tech-heavy Nasdaq and S&P jumped 4.41% and 3.09%, respectively. All 11 sectors of the S&P 500 ended the day higher, led by technology stocks which have come under pressure this year on fears of slowing growth.

All the the main averages ended November higher. The Nasdaq rose 4.37% – its second consecutive positive month for the first time since a three-month streak ending in December 2021. The S&P and Dow rose 5.38% and 5.67%, respectively , to end their second month of gains for the first time since August 2021.

Investors’ attention turns Thursday to early jobless claims ahead of the much-anticipated November jobs report due out Friday. The payrolls report should provide more clarity on the labor market and whether it continues to cool. Economists polled by Dow Jones estimate the economy added 200,000 jobs in November, up from 261,000 in October. They also forecast that the unemployment rate remained stable from the previous month at 3.7%.

Data on personal income and personal consumption expenditure are also expected, along with income from Kroger, Dollar General and Ulta Beauty.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top