Volatile stock futures ahead of GDP and unemployment claims
Hennion & Walsh’s Head of Asset Management and Chief Information Officer Kevin Mahn discusses markets and his stock selection.
US stock futures were volatile after the Fed-fueled rally on Wednesday, as the latest meeting confirmed expectations for a rate hike, but did not surprise investors.
Major futures indices point to a mixed open when the trading session begins on Thursday on Wall Street.
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Oil prices rose on Thursday morning, extending their rally supported by a lack of supply, as US West Texas Intermediate crude futures topped $110 a barrel.
Traders on the New York Stock Exchange. (Courtney Crowe/NYSE via AP/Associated Press)
Investors are uneasy about the effect of higher interest rates in the US and other Western economies to dampen high inflation. The Federal Reserve’s statement on Wednesday showed that board members support increases of 0.5 percentage point at their upcoming meetings.
The opening minutes suggest that the rate of interest trips may come faster than market expectations
Thursday’s economic reports include an update on the GDP, weekly unemployment claims and pending home sales.
Retail profits keep coming. Results are due in the morning from Macy’s, Dollar General and Dollar Tree. After the closing bell, focus turns to large retailer Costco, as well as Gap, Ulta Beauty and American Eagle Outfitters.
Bitcoin is trading above $29,000.
In Asia, Tokyo’s Nikkei 225 lost 0.3%, Hong Kong’s Hang Seng fell 0.8%, and China’s Shanghai Composite rose 0.5%.
| ribbon | protection | else | they change | they change % |
|---|---|---|---|---|
| Me: DJI | Dow Jones averages | 32120.28 | +191.66 | + 0.60% |
| SP500 | Standard & Poor’s 500 | 3978.73 | +37.25 | + 0.95% |
| I: COMP | Nasdaq Composite Index | 11434.740655 | +170.29 | + 1.51% |
On Wall Street, the S&P 500 Index rose 0.9% to 3,978.73. The Dow Jones Industrial Average rose 0.6% to 32120.28. The Nasdaq Composite Index rose 1.5% to 11,434.74.
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The yield on the 10-year Treasury note was 2.73%.
The Associated Press contributed to this report.
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