Traders work on the trading floor of the New York Stock Exchange.
New York Stock Exchange
Stock futures rise in overnight trading as investors weigh Latest corporate earnings reportincluding strong results from the meta platform.
S&P 500 Index Futures rose 0.4%, while Nasdaq 100 Futures up 0.6%. Futures and Dow Jones Industrial Average An increase of 30 points, or 0.1%.
In an extension transaction, meta platform The company’s shares rose 7% on stronger-than-expected second-quarter results and upbeat guidance. Arm Holdings The company’s shares fell nearly 13% after providing disappointing guidance for the quarter.
Stocks are having a rising trading day S&P 500 Index It rose 1.58%, the best single-day gain since February. this Nasdaq Index rose 2.64%, while Dow Jones Industrial Average An increase of 99.46 points, or 0.24%.
The gains came as Federal Reserve Chairman Jerome Powell said the central bank could cut interest rates at its next meeting if data continues to support the view that inflation is slowing. The Federal Reserve kept interest rates steady.
“If this test passes, our policy rate could be lowered as soon as our next meeting in September,” Powell said.
As of Wednesday evening, federal funds futures trading pointed to an 88% chance of a 25 basis point rate cut at the September meeting, according to the data. CME Group’s FedWatch Tool.
“Ultimately, markets are counting on a rate-cutting cycle that begins in September — despite Powell’s repeated attempts to keep the Fed’s options open — and the rally in stocks accelerated this afternoon as the Fed chairman attempts to do more. In Throughout the press conference, the horse was back in the barn,” said Chris Zaccarelli, chief investment officer at the Independent Advisor Alliance.
Big tech and semiconductor stocks rebounded on Wednesday. Nvidia Shares soar nearly 13% after strong quarterly performance Advanced Micro Devices. this VanEck Semiconductor ETF (SMH) It rose nearly 8%, its best performance in more than a year. Amazon and Meta both rose more than 2%, while apple Add more than 1%.
Despite Wednesday’s gains in technology stocks, the Nasdaq closed down 0.8% in July. The S&P 500 rose 1.1% and the Dow Jones rose 4.4%, their best monthly performance since December.
The busy earnings week continues Thursday, with Apple and Amazon releasing important reports after the bell. Intel, Booking Holdings and modern Also on deck.
On the economic front, investors awaited initial jobless claims data, June construction spending data and July ISM manufacturing data. The main event for the rest of the week will be Friday’s July jobs report keynote.
About The Author
