Futures Pointing To Initial Pullback On Wall Street
19 Março 2024 - 10:22AM
IH Market News
The major U.S. index futures are currently pointing to a lower
open on Tuesday, with stocks likely to give back ground following
the strong upward move seen in the previous session.
A pullback by Nvidia (NASDAQ:NVDA) may generate some selling
pressure, as the chipmaker is slumping by 2.7 percent in pre-market
trading.
Nvidia held its first-ever GTC Conference on Monday, when the
company unveiled its latest line of AI chips, called Blackwell.
Shares of Super Micro Computer (NASDAQ:SMCI) have also plunged
by 10.6 percent in pre-market trading after the company announced
the launch of a proposed underwritten registered public offering of
2 million shares of its common stock.
Caution ahead of the Federal Reserve’s highly anticipated
monetary policy announcement on Wednesday may also weigh on Wall
Street.
While the Fed is widely expected to leave interest rates
unchanged, the central bank’s accompanying statement and economic
projections could have a significant impact on the outlook for
rates.
Recent hotter-than-expected inflation readings have reduced
optimism about the likelihood of the Fed’s first rate cut coming in
June.
After showing a strong move to the upside early in the session,
stocks gave back some ground over the course of the trading day on
Monday but managed to close mostly higher. With the upward move,
the Nasdaq and the S&P 500 regained ground after closing lower
for three straight sessions.
While the major averages came under pressure going into the
close, they managed to end the day in positive territory. The
Nasdaq advanced 130.27 points or 0.8 percent at 16,103.45, the
S&P 500 climbed 32.33 points or 0.6 percent to 5,149.42 and the
Dow rose 75.66 points or 0.2 percent at 38,790.43.
Technology stocks helped lead the early rally on Wall Street,
with the tech-heavy Nasdaq showing a particularly strong move to
the upside.
Shares of Alphabet (NASDAQ:GOOGL) surged by 4.6 percent after a
report from Bloomberg said Apple (NASDAQ:AAPL) is in talks to build
Google’s Gemini artificial intelligence engine into the iPhone.
Nvidia also jumped early in the session ahead of its GTC
Conference but gave back ground before ending the day up by 0.7
percent.
At the same time, shares of Super Micro Computer plunged by 6.4
percent after the information technology company was added to the
S&P 500 before the start of trading.
Meanwhile, traders continued to look ahead to the Federal
Reserve’s two-day monetary policy meeting.
In U.S. economic news, a report released by the National
Association of Home Builders showed an unexpected improvement in
U.S. homebuilder confidence in the month of March.
The report said the NAHB/Wells Fargo Housing Market Index rose
to 51 in March from 48 in February. Economists had expected the
index to come in unchanged.
With the unexpected increase, the housing market index surpassed
the breakeven point of 50 for the first time since hitting 56 last
July.
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