Stock Market Cafe
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Stock Market Cafe
No Result
View All Result
Home Trading News

Stock futures little changed after Fed actions lift major averages to new highs

by
November 4, 2021
in Trading News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Stocks stage big comeback Tuesday with S&P 500 finishing slightly higher after erasing 2% loss

Don’t be duped by doomsayers, JPMorgan says — the S&P 500 will rebound to 4,900. Here are 3 stocks it’s using to bet on a bounce

U.S. stock index futures were steady during early morning trading on Thursday after the major averages closed at records following commentary from the Federal Reserve.

The central bank said it will begin to slow its bond-buying program, signaling that the economy can now handle an unwinding of pandemic stimulus.

Futures contracts tied to the Dow Jones Industrial Average fell about 20 points. S&P 500 futures and Nasdaq 100 futures hovered in positive territory.

Qualcomm led premarket gainers on the S&P 500, rallying nearly 7% following an earnings beat propelled by a 56% surge in smartphone chip sales. The company also provide strong guidance for the fourth quarter.

MGM shares gained nearly 5% after the casino operator announcing plans to sell the operations of its Mirage casino in Las Vegas to another operator. The company noted that no sales agreement had been reached and it did not mention any possible buyers.

During regular trading Wednesday, the Dow gained about 105 points, registering its fifth straight positive session. The 30-stock benchmark hit its 51st record intraday high of the year, and 42nd record close of 2021.

The S&P 500 also posted its fifth straight day of gains, advancing 0.65%. The index saw its 74th intraday high and 61st record close of the year.

The Nasdaq Composite gained 1.04%, and is on its longest daily winning streak since June 2020 following eight straight days of gains. The tech-heavy index saw both its 41st record high and close on Wednesday.

“The Fed’s tapering announcement removes a minor, but overhanging worry across markets, as investors had been waiting for this moment for months, and it reinforces the view that the economic recovery has a long runway, albeit with a low rate of growth,” said George Ball, chairman of Sanders Morris Harris.

“The Fed’s tapering announcement is a signal of economic strength, which is good for corporate earnings and markets,” he added.

The central bank said it will begin to curb the pace of its monthly bond-buying program “later this month.” This marks the Fed beginning to remove the significant stimulus it’s provided since the pandemic took hold.

The buying will slow by $15 billion per month, which means the quantitative easing should end by the middle of 2022, although the Fed reiterated flexibility saying the amount could change if warranted.

“The Fed did a good job communicating its intentions well in advance of today’s meeting, which is why we aren’t seeing a ‘taper-tantrum 2.0,'” said Lawrence Gillum, fixed income strategist at LPL Financial.

Elsewhere in the market, a number of earnings reports are on deck for Thursday before the opening bell. Toyota Motors, Regeneron Pharmaceuticals and Kellogg are among the companies set to post quarterly updates. After the bell, Dropbox, Expedia, Airbnb, Shake Shake, Square and Uber will post quarterly updates, among others.

“[W]e’re coming off a very strong quarter of earnings, which has taken priority over downside risk fears that had weighed in the run-up to the reporting season,” said Oanda’s Craig Erlam. “The economy will have to continue showing signs of significant improvement to keep investors on board as they adjust to a world without central banks keeping rates at extremely low levels,” he added.

On Thursday weekly jobless numbers will be released, with economists forecasting 275,000 first-time claims, according to estimates from Dow Jones. Last week’s number came in at a 281,000, the lowest since the pandemic began.

October’s hotly anticipated jobs report will be released on Friday. Consensus estimates call for 450,000 jobs added, according to Dow Jones. Nonfarm payrolls increased by 194,000 in September, far short of the 500,000 estimate.

ShareTweetPin

Related Posts

Stocks stage big comeback Tuesday with S&P 500 finishing slightly higher after erasing 2% loss

by
July 5, 2022
0

Stocks staged an afternoon rally on Tuesday as concerns about a possible recession in the U.S. weighed on investor sentiment...

Don’t be duped by doomsayers, JPMorgan says — the S&P 500 will rebound to 4,900. Here are 3 stocks it’s using to bet on a bounce

by
July 5, 2022
0

TipRanks Micron’s Outlook Misses the Mark, but the Stock Is a Buy, Says Raymond James Everyone is reeling from the...

Stocks stage big comeback Tuesday with S&P 500 finishing slightly higher after erasing 2% loss

by
July 5, 2022
0

Stocks fell on Tuesday as concerns about a possible recession in the U.S. weighed on investor sentiment. The Dow Jones...

Ray Dalio is having a good year with Bridgewater’s flagship fund gaining more than 30% so far

by
July 5, 2022
0

Bridgewater's flagship hedge fund has returned more than 30% through the first half of 2022 as elevated volatility created a...

30-Year Mortgage Rates Decrease to 5.50%

by
July 5, 2022
0

by Calculated Risk on 7/05/2022 03:56:00 PM Today, in the Calculated Risk Real Estate Newsletter: 30-Year Mortgage Rates Decrease to...

Next Post

Trade Deficit Increased to $80.9 Billion in September

Weekly Initial Unemployment Claims Decrease to 269,000

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

  • Crocs sees fourth-quarter sales up 42%, CEO Andrew Rees says 2021 was ‘exceptional year’

    0 shares
    Share 0 Tweet 0
  • Buying a car from the factory sounds expensive, but it can actually save you money. Here’s how to do it.

    0 shares
    Share 0 Tweet 0
  • Roth TSP vs. Roth IRA: How Do They Compare?

    0 shares
    Share 0 Tweet 0
  • The states that won’t tax military retirement in 2022

    0 shares
    Share 0 Tweet 0
  • Allbirds stock has plunged 50% in two months, now one top analyst says buy it

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.stockmarket-cafe.com
No Result
View All Result
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy

All rights reserved by www.stockmarket-cafe.com