Micron, Inc.’s (NASDAQ:MU) earnings could revitalize the sagging market momentum, with the index futures trading notably higher early Thursday. The risk-on mood was evident across the global markets as China’s commitment to stimulate the domestic economy encouraged traders. The markets also have several Main Street catalysts to consider, including weekly jobless claims data and inflation measures from the second-quarter GDP report. A slew of Federal Reserve officials are due to make speeches, which could potentially offer clues toward the interest-rate trajectory.
Futures
Performance (+/-)
Nasdaq 100
+1.38%
S&P 500
+0.78%
Dow
+0.47%
R2K
+0.87%
In premarket trading on Thursday, the SPDR S&P 500 ETF Trust (NYSE:SPY) climbed 0.79% to $574.55 and the Invesco QQQ ETF (NASDAQ:QQQ) jumped 1.44% to $492.82, according to Benzinga Pro data.
Cues From Last Session:
U.S. stocks ended Tuesday’s session on a mixed note, as wary traders either stepped to the sidelines or took some profits off the table ahead of the flurry of data due over the next two days and Micron’s earnings that came out after the market closed. IT and utility stocks rose, while the remaining 11 sector classes pulled back. Energy and healthcare stocks were among the worst performers of the session.
The Nasdaq Composite ended marginally higher, advancing for a third straight session, while the S&P 500 Index and the Dow Industrials retreated from their record highs.
Index
Performance (+/)
Value
Nasdaq Composite
+0.04%
18,082.21
S&P 500 Index
0.19%
5,722.26
Dow Industrials
-0.70%
41,914.75
Russell 2000
+0.17%
2,223.99
Insights From Analysts:
The market could remain lackadaisical until the election, according to Fund Strat’s Tom Lee. The Fed rate cut is historically positive three to six months out but what stocks do in the next month is a bit of a coin flip, the strategist said in an interview with CNBC.
Some repositioning took place and the market is now looking ahead to the election, which is just 40 days away, he said.
Lee noted that most wealth managers and family offices he ...
