Earnings news could provide an offsetting impact in the eventuality of the market construing the economic data as inclement. Netflix, Inc. (NASDAQ:NFLX) is the first among the mega-cap earnings due after the market close and the results could evince interest among traders and set the tone for the tech reporting season.
Futures
Performance (+/-)
Nasdaq 100
+0.81%
S&P 500
+0.42%
Dow
+0.11%
R2K
-0.09%
In premarket trading on Thursday, the SPDR S&P 500 ETF Trust (NYSE:SPY) edged up 0.42% to $584.76 and the Invesco QQQ ETF (NASDAQ:QQQ) jumped 0.83% to $495, according to Benzinga Pro data.
Cues From Last Session:
Small-caps ripped higher on Wednesday, extending their recent gains amid hopes of a benign economic environment but the major averages opened on a tentative note. Solid earnings reports from financial companies and strong gains by real-estate and utility stocks helped the major indices close firmly in the green.
The Dow Jones Industrial Average turned solidly higher immediately after spending the better part of the session above the unchanged line. The 30-stock blue-chip average ended at a fresh high, although it did not have enough momentum to break above its Oct. 15 intraday high of 43,277.78.
The S&P 500 Index and the Nasdaq Composite had a lackluster first-half before picking up momentum in the afternoon.
Of the 11 S&P 500 sector classes, only communication services and consumer discretionary stocks declined in Wednesday’s session.
Index
Performance (+/)
Value
Nasdaq Composite
+0.28%
18,367.08
S&P 500 Index
+0.47%
5,842.47
Dow Industrials
+0.79
43,077.70
Russell 2000
+1.64%
2,286.68
Insights From Analysts:
Delving into the small-cap rally that has been on, LPL Financial Chief Technical Strategist Adam Turnquist said after being stuck in a consolidation phase over the past few months, small-caps have picked up some ...
