Futures Pointing To Extended Rebound On Wall Street
10 Setembro 2024 - 10:11AM
IH Market News
The major U.S. index futures are currently pointing to a higher
open on Tuesday, with stocks likely to add to the strong gains
posted in the previous session.
Traders may continue to pick up stocks at somewhat reduced
levels, as the major averages remain well off their recent highs
even after yesterday’s rally.
Optimism about the outlook for interest rates may also generate
continued buying interest ahead of the Federal Reserve’s monetary
policy meeting next week.
The Fed is almost universally expected to begin lowering
interest rates but there is some debate about the size of the rate
cut.
CME Group’s FedWatch Tool is currently indicating a 73 percent
chance the Fed will lower rates by 25 basis points and a 27 percent
chance of a 50 basis point rate cut.
Overall trading activity may be somewhat subdued, however, as
traders look ahead to the release of closely watched inflation data
in the coming days.
The Labor Department is scheduled to release reports on consumer
and producer price inflation in the month of August on Wednesday
and Thursday, respectively.
The reports are expected to show slowdowns by the rates of
consumer and producer price growth compared to the same month a
year ago.
Following the sell-off seen in the previous week, stocks showed
a strong move back to the upside during trading on Monday. The
major averages all moved sharply higher over the course of the
session.
The major averages pulled back off their highs of the session in
afternoon trading but remained firmly positive. The Dow surged
484.18 points or 1.2 percent to 40,829.59, the Nasdaq jumped 193.77
points or 1.2 percent to 16,884.60 and the S&P 500 shot up
62.63 points or 1.2 percent to 5,471.05.
The rally on Wall Street came as traders looked to pick up
stocks at somewhat reduced levels following the steep drop seen
last week, which dragged the Nasdaq down to its lowest levels in
nearly a month.
Optimism the Fed will lower interest rates later this month also
contributed to the strength on Wall Street despite lingering
concerns about the outlook for the U.S. economy.
Airline stocks saw substantial strength on the day, with the
NYSE Arca Airline Index soaring by 2.3 percent to its best closing
level in over a month.
JetBlue (NASDAQ:JBLU) helped lead the sector higher, spiking by
7.2 percent after Bank of America upgraded its rating on the
airline’s stock to Neutral from Underperform.
Significant strength was also visible among semiconductor
stocks, as reflected by the 2.2 percent jump by the Philadelphia
Semiconductor Index. The index rebounded after ending last Friday’s
trading at a one-month closing low.
Networking, banking and computer hardware stocks also saw
notable strength on the day, moving higher along with most of the
other major sectors.
JetBlue Airways (NASDAQ:JBLU)
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