Stocks are gearing up for another nervy start on Tuesday after they scrapped through in the previous session to finish a seasonally weak September on a high. Some strategists point to the unusual September gains as a testament to the market’s resilience. The unequivocal belief is the gains could continue into the fourth quarter and beyond only if the economy can skirt a recession.
Each incoming economic data, including the job opening and manufacturing activity data due Tuesday, would offer evidence regarding the economy’s strength or lack thereof. This being the presidential election year, traders brace for more volatility at least until Nov. 5. The market may also have to contend with earnings as they begin to roll out in the second half of the month.
Futures
Performance (+/-)
Nasdaq 100
+0.07%
S&P 500
-0.09%
Dow
-0.27%
R2K
-0.23%
In premarket trading on Tuesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) eased 0.02% to $573.63 and the Invesco QQQ ETF (NASDAQ:QQQ) rose 0.09% to $488.50, according to Benzinga Pro data.
Cues From Last Week:
U.S. stocks survived a bout of selling pressure and closed Monday’s session higher. The overbought levels and a slump in some major global markets introduced caution right at the start of the session, and the major indices moved mostly below the unchanged line for much of the session. The selling intensified after Fed Chair Jerome Powell poured cold water on hopes of rapid downward adjustment of rates during his speech.
The major indices staged a late-hour recovery to end September firmly in the green, with the S&P 500 and Dow Industrials closing at fresh highs. Nine of the 11 ...
