Futures Pointing To Extended Rebound On Wall Street
15 Fevereiro 2024 - 11:05AM
IH Market News
The major U.S. index futures are currently pointing to a
modestly higher open on Thursday, with stocks likely to extend the
rebound from Tuesday’s sell-off seen during Wednesday’s
session.
The futures edged higher following the release of a slew of U.S.
economic data, including a Commerce Department report showing
retail sales fell by much more than expected in the month of
January.
The Commerce Department said retail sales slid by 0.8 percent in
January after climbing by a downwardly revised 0.4 percent in
December.
Economists had expected retail sales to edge down by 0.1 percent
compared to the 0.6 percent increase originally reported for the
previous month.
Excluding sales by motor vehicle and parts dealers, retail sales
fell by 0.6 percent in January after rising by 0.4 percent in
December. Ex-auto sales were expected to rise by 0.2 percent.
Treasury yields have moved lower following the release of the
report, potentially signaling renewed optimism about the
possibility of near-term interest rate cuts.
Meanwhile, the Labor Department released a separate report
showing an unexpected decline in first-time claims for unemployment
benefits in the week ended February 10th.
The report said initial jobless claims fell to 212,000, a
decrease of 8,000 from the previous week’s revised level of
220,000.
Economists had expected initial jobless claims to inch up to
220,000 from the 218,000 originally reported for the previous
week.
The Labor Department also released a separate report this
morning showing an unexpected increase U.S. import prices in the
month of January.
Stocks showed a strong move back to the upside during trading on
Wednesday, partly offsetting the sell-off seen during Tuesday’s
session. The major averages all moved higher on the day, with the
tech-heavy Nasdaq leading the rebound.
After plunging by 1.8 percent Tuesday’s trading, the Nasdaq
surged 203.55 points or 1.3 percent to 15,859.15. The S&P 500
also jumped 47.45 points or 1.0 percent to 5,000.62, while the Dow
climbed 151.52 points or 0.4 percent at 38,424.27.
The rebound on Wall Street partly reflected bargain hunting,
with some traders seeing the sharp pullback on Tuesday as a buying
opportunity amid ongoing optimism about the outlook for the
markets.
While hotter-than expected inflation data further pushed back
interest rate cut expectations, signs of continued strength in the
economy is still expected to benefit the markets in the longer
term.
The Federal Reserve is also still likely to begin lower interest
rates sometime in the coming months even if traders have to wait
until June.
Nonetheless, the major averages remained well off their recent
highs ahead of the release of an avalanche of data before the start
of trading on Thursday.
Among individual stocks, shares of Lyft (NASDAQ:LYFT)
skyrocketed by 35.1 after the ride-hailing company reported better
than expected fourth quarter results and provided upbeat
guidance.
Investing platform Robinhood (NASDAQ:HOOD) also spiked by 13.0
percent after reporting fourth quarter results that exceeded
analyst estimates on both the top and bottom lines.
On the other hand, shares of Akamai Technologies (NASDAQ:AKAM)
plunged by 8.2 percent after the server network provider reported
better than expected fourth quarter earnings but weaker than
expected revenues.
Computer hardware stocks showed a strong move back to the upside
on the day, with the NYSE Arca Computer Hardware Index soaring by
3.4 percent to a record closing high.
Substantial strength also emerged among tobacco stocks, as
reflected by the 3.3 percent spike by the NYSE Arca Tobacco
Index.
Semiconductor, networking and biotechnology stocks also saw
considerable strength, contributing to the rebound by the
tech-heavy Nasdaq.
Most of the other major sectors also rebounded on the day, with
notable strength visible among steel, housing and airline
stocks.
Lyft (NASDAQ:LYFT)
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