Business

Stock futures little changed after Thursday’s return

US stock futures were virtually unchanged on Thursday evening after major indexes rebounded late in the day as investors weighed in on the likelihood of the Federal Reserve tightening monetary policy to fight inflation.

Dow Jones Industrial Average futures rose 2 points, or 0.01%. Futures for the S&P 500 and Nasdaq 100 rose 0.01% and 0.05%, respectively.

The Dow Jones industrial index recovered on Thursday after two consecutive days of losses. The Dow rose 87.06 points, or 0.25%, to 34,583.57 after falling 300 points early in the session. The S&P 500 added 0.43% to hit 4500.21 and the Nasdaq Composite added 0.06% to hit 13897.30.

The volatile session came amid continued uncertainty as investors weighed in on the Fed’s more aggressive stance on inflation. On Wednesday, the central bank released the minutes of its March meeting, indicating policymakers plan to cut their bond holdings by an agreed amount of about $95 billion a month. The minutes also indicate a potential interest rate hike of 50 basis points at future meetings.

“We are in a trading range market and will be for some time to come,” Stephanie Link, chief investment strategist and portfolio manager at Hightower, told CNBC’s Closing Bell. “And that’s really because we have so many unknowns to deal with.”

On the economic front, the wholesale inventory report will be released at 10:00 am on Friday.

Investors are also anticipating the start of the reporting season, which starts next week with reports from five major banks. JPMorgan will report before the call on Wednesday. Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo will report ahead of market opening on Thursday.


Source link

Leave a Reply

Your email address will not be published.

Back to top button