U.S. stock market futures moved slightly southward in the pre-market trading hours of Wednesday morning, as investors ease on three consecutive stable trading sessions.
Futures on the Dow Jones Industrial Average (DJIA) were down by 0.35% as of 4:36 a.m. EST, Thursday. Meanwhile, the S&P 500 (SPX) futures moved down 0.47%, whereas the Nasdaq 100 (NDX) futures traded 0.7% lower.
The moves came after last week’s carnage which sent the S&P 500 to the verge of bear market territory (almost a 20% decline from the recent high). Stock prices seem to have already priced in the high inflation, interest rate hikes, and concerns related to a possible recession in the near future. The stock market has remained fairly stable over the past three days possibly with the hope that the downside risks are much lower now.
On Tuesday, the Dow ended the regular trading session 1.34% higher, while the S&P 500 and the Nasdaq 100 gained 2.02% and 2.62%, respectively.
Interestingly, the recently released jobs report and retail sales data for April indicate that the U.S. economy is still growing despite the pressures. This gave investors another reason to be relieved.
Also, the market is in the thick of a busy week of retail earnings. Target (TGT) and Lowe’s (LOW) are scheduled to report their earnings results before the market opens on Wednesday.
Moreover, market watchers are also awaiting an update on the housing market on Friday, when data for housing starts and building permits for April will be released.
Discover new investment ideas with data you can trust
Read full Disclaimer & Disclosure.
