Futures Pointing To Extended Rebound On Wall Street
07 Agosto 2024 - 10:07AM
IH Market News
The major U.S. index futures are currently pointing to sharply
higher open on Wall Street on Wednesday, with stocks likely to
extend the rebound seen in the previous session.
While stocks saw a notable advance during Tuesday’s session,
traders may still see stocks as oversold following the recent
weakness in the markets.
Concerns the U.S. economy is headed for a recession dragged the
Nasdaq and the S&P 500 down to three-month lows on Monday.
Positive sentiment may also be generated in reaction to
quarterly results from Disney (NYSE:DIS), as the entertainment
giant reported better than expected fiscal third quarter
earnings.
Overall trading activity may be somewhat subdued, however, as a
lack of major U.S. economic data may keep some traders on the
sidelines.
U.S. stocks closed higher on Tuesday, recovering well after
three successive days of losses, as investors shrugged off fears of
a recession and geopolitical concerns.
The major averages all closed on a firm note. The Dow ended up
294.39 points or 0.8 percent at 38,997.66. The S&P 500 closed
up by 53.70 points or 1.0 percent at 5,240.03, while the Nasdaq
settled higher by 166.77 points or 1.0 percent at 16,366.85.
Bargain hunting contributed to the strength on Wall Street, as
some traders looked to pick up stocks at relatively reduced
levels.
The sell-off seen in recent days dragged the Nasdaq and the
S&P 500 down to three-month lows on Monday amid concerns about
the outlook for the U.S. economy.
“Pockets of volatility are expected to continue as August and
September give way to a calmer seasonal period,” said Quincy
Krosby, Chief Global Strategist for LPL Financial. “However, it’s
important to remember pockets of opportunity are always on the
other side of the storm.”
A positive reaction to some of the latest corporate earnings
news also generated buying interest, with shares of Uber
(NYSE:UBER) spiking by 10.9 percent after the ride-sharing company
reported better than expected second quarter results.
Industrial equipment maker Caterpillar (NYSE:CAT) also moved
sharply higher after reporting second quarter results that exceeded
analyst estimates on both the top and bottom lines.
Shares of CSX Corp. (NASDAQ:CSX) also showed a strong move to
the upside after the rail transportation company reported better
than expected second quarter earnings.
In U.S. economic news, the Commerce Department released a report
on Tuesday showing the U.S. trade deficit narrowed in the month of
June.
The Commerce Department said the trade deficit shrank to $73.1
billion in June from a revised $75.0 billion in May.
Economists had expected the trade deficit to decrease to $72.4
billion from the $75.1 billion originally reported for the previous
month.
The narrower trade deficit came as the value of exports jumped
by 1.5 percent to $265.9 billion, while the value of imports rose
by 0.6 percent to $339.0 billion.
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