Futures trading suggests a mixed start on Thursday, with tech stocks potentially helping to weather profit-taking-induced weakness. Broadcom Inc. (NASDAQ:AVGO) and Tesla, Inc. (NASDAQ:TSLA) are likely to lead the tech charge, with the former reacting to earnings release and the latter to the likelihood of shareholders approving CEO Elon Musk’s pay package. Traders may also keep an eye on the producer price inflation report for confirmation regarding a gradual let-up in pricing pressure, and the weekly jobless claims report.
Futures
Performance (+/-)
Nasdaq 100
+0.63%
S&P 500
+0.10%
Dow
-0.30%
R2K
-0.65%
In premarket trading on Thursday, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.11% to $541.98, and the Invesco QQQ ETF (NASDAQ:QQQ) traded up 0.66% at $477.27, according to Benzinga Pro data.
Cues From Previous Session:
Tech stocks led the broader market to a fresh high on Wednesday, and the upside was facilitated by a tame inflation reading. The Federal Open Market Committee’s pause decision was widely expected but the dot-plot curve dampened sentiment as it brought down the rate cuts Fed forecasters see for the year down to two or even one. More importantly, the Fed stuck to its data-dependent stance.
The Nasdaq Composite and the S&P 500 indices opened notably higher after the Wednesday inflation report and consolidated their gains for the remainder of the session. Both averages hit intraday and closing highs. The Dow Jones Industrial Average lagged, with the 30-stock blue-chip average squandering its early gain and declining ...Full story available on Benzinga.com
Related tickers: SPY, ADBE, GME, OXM, SIG, AVGO, TSLA, QQQ, RH, PLAY.
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