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S&P 500 Futures Dip After Two-Day Rally Amid Cautious Trading Environment
As the U.S. stock market continues to navigate a cautious trading environment, S&P 500 futures experienced a slight decline on Wednesday night following a two-day increase. The S&P 500 futures, Nasdaq futures, and Dow Jones Industrial Average futures dropped by 0.19%, 0.32%, and 0.18%, respectively, equivalent to 73 points.
Micron's shares plummeted 5% in after-hours trading after providing fourth-quarter revenue guidance in line with expectations, despite surpassing third-quarter projections. Levi Strauss also saw a 12% decline as its latest quarterly revenue failed to meet investor expectations.
Focus shifted to bank stocks after the Federal Reserve's announcement that major U.S. firms are resilient against a severe recession scenario. Goldman Sachs shares fell 1.7%, while JPM Chase shares showed a slight increase.
In the regular trading session on Wednesday, the S&P 500 closed with a 0.2% gain, the Nasdaq Composite rose by 0.5%, and the Dow Jones Industrial Average increased by 15.64 points, or 0.04%.
Market activity remains subdued as investors await the release of the May personal consumption expenditures index on Friday, the latest inflation data. The hope is that the report will indicate a reduction in pricing pressures, potentially solidifying expectations of future interest rate cuts by the Federal Reserve.
Despite the cautious trading environment, prominent tech companies continued to excel on Wednesday, rebounding from recent losses. Amazon shares notably reached a record high, crossing the $2 trillion market capitalization threshold for the first time.
Investors are now contemplating the sustainability of the dominance of artificial intelligence stocks in the market for the latter part of the year, questioning if the market rally will need to broaden. Analysts surveyed by CNBC Pro foresee the S&P 500 likely finishing the year with minimal growth from current levels.
Brianitt, global strategist at Inco, emphasized the importance of expectations aligning with the Federal Reserve's stance on market movements. He highlighted the necessity of increased confidence in the decline of inflationary pressures, potential rate cuts by the Fed, and a smooth economic transition.
Additionally, market participants are keenly awaiting updates on weekly jobless claims, durable goods orders, and pending home sales to gain further insights into the economic landscape.
Original Article: https://www.cnbc.com/2024/06/26/stock-market-today-live-updates.html
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