Index futures trading point to a slightly positive start on Thursday, with some key Main Street data likely directing the market. Sentiment could remain guarded as traders look ahead to the 3-day Jackson Hole Symposium that kickstarts on Thursday, with Federal Reserve Chairman Jerome Powell delivering his address on Friday. Earnings news has been mixed. With traders baking in a September rate cut, the near-term catalyst is likely to be Nvidia, Inc.’s (NASDAQ:NVDA) earnings due next week.
“Move over, Fed, it's all about Nvidia's earnings on August 28th. The waiting is the hardest part,” said Gina Bolvin, President of Bolvin Wealth Management Group.
Futures
Performance (+/-)
Nasdaq 100
+0.07%
S&P 500
+0.06%
Dow
+0.07%
R2K
+0.20%
In premarket trading on Thursday, the SPDR S&P 500 ETF Trust (NYSE:SPY) climbed 0.16% to $561.50, and the Invesco QQQ ETF (NASDAQ:QQQ) gained 0.18% to $483.38, according to Benzinga Pro data.
Cues From Last Session:
U.S. stocks ended Wednesday’s session higher, rebounding from the previous session’s slide, as traders relished the dovish message from the Federal Open Market Committee’s July meeting minutes and the Bureau of Labor Statistics’ annual revision taking down the non-farm payroll numbers sharply.
The Nasdaq Composite and the S&P 500 Index stayed mostly above the unchanged line, while the Dow Jones Industrial Average was relatively more volatile. All three closed firmly in the green. Small-caps outperformed the major indices, with the Russell 2,000 advancing 1.32%.
The S&P 500 is now closing in on its all-time high of 5,667.20 hit on July 16 and the Nasdaq Composite ended at its highest levels since July 17.
Most S&P 500 sectors, baring energy and financials, ended higher for the day, with consumer discretionary and material stocks seeing particular strength.
Index
Performance (+/)
Value
Nasdaq Composite
+0.57%
17,918.99
S&P 500 Index
+0.42%
5,620.85
Dow Industrials
+0.14%
40,890.49
Russell 2000
+1.32%
2,170.56
Insights From Analysts:
In a report released ahead of BLS’ annual revision, Morgan Stanley’s Lisa ...
