Thursday, February 9, 2023
HomeMarketU.S. stock futures nudge higher after five consecutive declines for the S&P...

U.S. stock futures nudge higher after five consecutive declines for the S&P 500

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U.S. stock futures rose in early Thursday action, perhaps setting the stage for an end to a losing run.

What’s happening
  • Futures on the Dow Jones Industrial Average
    YM00,
    -0.01%
    rose 24 points, or 0.1%, to 33649.

  • Futures on the S&P 500
    ES00,
    +0.10%
    gained 6.5 points, or 0.2%, to 3943.

  • Futures on the Nasdaq 100
    NQ00,
    +0.22%
    increased 29.5 points, or 0.3%, to 11539.

On Wednesday, the Dow Jones Industrial Average
DJIA,
+0.00%
rose 2 points, or 0%, to 33598, the S&P 500
SPX,
-0.19%
declined 7 points, or 0.19%, to 3934, and the Nasdaq Composite
COMP,
-0.51%
dropped 56 points, or 0.51%, to 10959.

It was the fifth drop in a row for the S&P 500, a time span in which the benchmark index has dropped 3.6%.

What’s driving markets

The economic calendar is quiet ahead of next week’s CPI release and Federal Open Market Committee decision, with only jobless claims set for release on Thursday.

This week has seen caution emerge from the banking sector. JPMorgan Chase
JPM,
-0.07%
CEO Jamie Dimon delivered cautious commentary in an interview, and M&T Bank
MTB,
-7.72%
slumped Wednesday after warning that customers were seeking out higher-yielding products and that there was muted activity in equity and debt capital markets.

“A sharp decline in Treasury yields and a deepening inversion across the yield curve suggest that recession risks have started to overshadow inflation in the eyes of investors, something corroborated by a range of leading economic indicators and the latest breakdown in oil prices,” said Marios Hadjikyriacos, senior investment analyst at XM.

The yield on the 10-year Treasury
TMUBMUSD10Y,
3.450%
was 3.45% on Thursday morning, having started the month as high as 3.64%.

Crude-oil futures
CL.1,
+0.89%
were trading just under $73 per barrel, having dropped 44% from its March highs.

Credit: marketwatch.com

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