Stock index futures were quiet Thursday night as Wall Street stabilized after a decline in stocks.
Futures and Dow Jones Industrial Average It rose slightly by 16 points, or less than 0.1%. S&P 500 Index Futures rose 0.1%, while Nasdaq 100 Futures Add 0.3%.
The move in futures follows broad losses in stocks during Thursday’s regular trading session. this Dow Chemical It fell more than 500 points, ending a six-day winning streak. this S&P 500 Index and Nasdaq Index fell 0.78% and 0.70% respectively.
Despite Thursday’s sell-off, market rotation appears to be a theme this week. As of Friday, the Nasdaq and S&P 500 were down 1.26% and 2.87%, respectively. On the other hand, the Dow rose 1.66%, with small-cap gains Russell 2000 up 2.33%.
The disparity is encouraging to some Wall Street professionals who worry the market rally has become too reliant on a handful of big tech stocks.
“The market is very healthy internally,” Evercore ISI strategist Julian Emanuel said on “The Closing Bell: Overtime.”
“If you look at the last few months, we’ve actually been straight up until the last three to four days. For us, we haven’t been bothered by this pullback,” he added.
On Friday, investors will get the latest information on the health of consumers and the financial sector, as well as some important earnings reports. American Express, Travelers, Comerica and Fifth Third are expected to report results before the market opens.
Investors will also be keeping a close eye on the political space, with Donald Trump ramping up his campaign efforts as the Republican National Convention draws to a close and President Joe Biden facing pressure from fellow Democrats to drop out of the race.
About The Author
