January 31, 2023

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Stock futures rose after the third straight Nasdaq day

Stock futures rose on Wednesday as Wall Street looked to build on a positive start to 2023 so far.

Futures linked to the Dow Jones Industrial Average rose 45 points, or 0.1%. S&P 500 futures rose 0.2%, while the Nasdaq 100 rose 0.1%.

Moves come after The Nasdaq Composite Index rose 1.01% on Tuesday to snap her first three-day winning streak since November. The S&P 500 and Dow are up 0.70% and 0.56%, respectively, and all three averages are positive for the new year.

2023 has delivered a comfortable rebound so far for riskier areas of the market, such as technology, but many investors remain cautious ahead of earnings season and more expected rate hikes from the Federal Reserve.

“I think it’s going to be a challenge to try when the Fed eventually starts cutting rates,” said Matthew Palazzolo, chief investment strategist at Bernstein Private Wealth Management. “There is some evidence that when interest rates start to come down from the Fed, the markets are better in the future. But whether it’s 2024 or late 2023, at least at this point in time, mid-January, that’s a good thing.” Very difficult situation.”

Wednesday features a light schedule of economic data, but investors will prepare for Thursday’s headline inflation report and major bank earnings on Friday.

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