September 30, 2022

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Stock futures rose as Wall Street tries to resume the rally

Stock futures rose as Wall Street tries to resume the rally

Stock market futures rose slightly on Thursday as investors tried to regain their footing a day after the Dow Jones Industrial Average snapped a five-day winning streak. The recent rally in the market seems to have faded.

Futures linked to the Dow Jones Industrial Average rose 16 points, or 0.05%. S&P 500 futures rose 0.1%, while Nasdaq 100 futures rose 0.11%.

Investors continued to monitor retail earnings for consumer health, which continued Thursday with reports from Kohl’s, Bath & Body Works and BJ’s Wholesale. kohl Shares in Primarkt fell after the company Steering cut.

Preliminary unemployment data released on Thursday showed claims fell to 250,000 for the week ending August 13.

On Wednesday, the Dow was down about 172 points, or 0.5%. The S&P 500 fell 0.7% in its first negative session in four. The Nasdaq Composite was a relatively underperformer, down 1.25%. The tech-heavy index and the S&P 500 are now on track for a four-week winning streak.

The moves came as traders analyzed the minutes of the Federal Reserve’s July meeting. The central bank is still committed fight inflationBut it indicated that it could adjust the pace of tightening based on market conditions.

Investors had been hoping the Fed might slow the pace of rate hikes after July Consumer Price Index The reading showed that inflation is cooling slightly. But not everyone is convinced.

“We’re in the camp that the Fed won’t focus on,” Scott Wren, chief global market analyst at Wells Fargo Investment Institute, said on CNBC. Close the bell. “The minutes didn’t make us change our mind at all. We think a 75 basis point hike is likely in September, and we will see more rallies towards the end of the year…we think the market is a bit bullish here.”

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Some key economic data will also be released on Thursday, including weekly jobless claims and existing home sales.