Magical Trade
Friday, February 3, 2023
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Magical Trade
No Result
View All Result
Home Trade News

Stock futures are mildly lower after rout in tech stocks

by
November 23, 2021
in Trade News
0
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Amazon beats on fourth-quarter revenue but provides light guidance

Amazon’s advertising business grew 19%, while Google and Meta both deal with slowdowns

U.S. stock futures were mildly lower in early morning trading on Tuesday after a tech-focused sell-off spurred by rising bond yields that saw the Nasdaq Composite drop more than 1%.

Dow futures shed 33 points. S&P 500 futures and Nasdaq 100 futures both traded below the flatline.

The S&P 500 and Nasdaq Composite fell on Monday as growth pockets of the market reacted to a jump in bond yields. The U.S. 10-year Treasury yield climbed by 9 basis points to above 1.62% on Monday.

Stocks initially reacted positively to the announcement that Federal Reserve Chair Jerome Powell was nominated for a second four-year term by President Joe Biden, driving expectations that the central bank will stay on its monetary path as the economy recovers from the pandemic and attempts to combat inflation. However, markets reversed course towards the end of the session and yields continued to rise.

On Monday, the Dow Jones Industrial Average rose 17 points, after being up more than 300 points at one point in the session. The S&P 500 fell 0.32% after hitting an intraday high during regular trading. The Nasdaq Composite dropped 1.26% despite hitting an intraday record earlier in the session.

“Bullishness was enhanced by the announcement that current Chair Powell will be reappointed by President Biden,” said Jim Paulsen, chief investment strategist for Leuthold Group. “Fears were building in recent weeks that Lael Brainard may be chosen over Powell and she was perceived as a much bigger monetary Dove which had intensified inflation fears.”

While trading is likely to slow because it’s Thanksgiving week and the Fed chief decision is behind the market, investors will be watching some economic data coming out Tuesday, including the Philly Fed. Additional data out later in the week includes weekly unemployment claims, a GDP update, personal income, and consumer confidence reads.

“It is Thanksgiving week, so the next few days will likely be extremely low volume and probably won’t have many fireworks,” said Ryan Detrick, chief financial strategist at LPL Financial. “Still, Wednesday will bring the latest Fed minutes and the Fed’s favorite measure of inflation in the PCE, so we could have something to think about before we go off and eat a lot of turkey.”

Earnings season continues on Tuesday with reports from American Eagle, Best Buy and Abercrombie & Fitch before the bell. Dell Technologies, GAP, HP and Nordstrom report quarterly earnings after the bell on Tuesday.

Investors are also juggling concerns about coronavirus overseas. German Chancellor Angela Merkel warned that the country was seeing a spike in the virus.

“Although Covid case counts are up around the globe, there is not much evidence that it is shutting down the U.S. economy again as it has in the past,” added Paulsen. “For example, travel forecasts for the Thanksgiving holiday are the strongest since before the pandemic.”

U.S. markets will be closed for the Thanksgiving holiday on Thursday. The stock market closes early at 1 p.m. ET on Friday.

ShareTweetPin

Related Posts

Amazon beats on fourth-quarter revenue but provides light guidance

by
February 3, 2023
0

In this article AMZN Follow your favorite stocksCREATE FREE ACCOUNT Andy Jassy, CEO of Amazon and then CEO of Amazon...

Amazon’s advertising business grew 19%, while Google and Meta both deal with slowdowns

by
February 3, 2023
0

In this article AMZN Follow your favorite stocksCREATE FREE ACCOUNT The regulator was concerned with Amazon's dual role as both...

Stocks moving in after-hours: Amazon, Alphabet, Apple

by
February 3, 2023
0

S&P 500 4,179.76 +60.55(+1.47%)   Dow 30 34,053.94 -39.02(-0.11%)   Nasdaq 12,200.82 +384.50(+3.25%)   Russell 2000 2,001.22 +40.41(+2.06%)   Crude...

Starbucks misses expectations as China Covid surge hurts international sales

by
February 2, 2023
0

In this article SBUX Follow your favorite stocksCREATE FREE ACCOUNT A Starbucks store is seen inside the Tom Bradley terminal...

Stocks making the biggest moves after hours: Apple, Amazon, Ford and more

by
February 2, 2023
0

In this article AMZNSBUXFAAPLGOOGL Follow your favorite stocksCREATE FREE ACCOUNT "Chinese companies are getting pretty competitive for iPhone assemblers. China...

Next Post

Top Tech Stocks for December 2021

'Vaccinated, recovered or dead': Germany gives stark winter warning to its people

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Fund manager believes FAANG is dead — says now it’s all about MANTA

    0 shares
    Share 0 Tweet 0
  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Bank of America names its top global tech stocks — including one it says has upside of 100%

    0 shares
    Share 0 Tweet 0
  • This idiot-proof portfolio has beaten traditional stocks and bonds over 50 years

    0 shares
    Share 0 Tweet 0
  • Josh Brown says Nvidia’s potential is ‘scary’ ahead of a potential AI boom

    0 shares
    Share 0 Tweet 0
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.magicaltrade.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.magicaltrade.net