{"id":196166,"date":"2023-11-22T13:59:07","date_gmt":"2023-11-22T13:59:07","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=196166"},"modified":"2023-11-22T13:59:07","modified_gmt":"2023-11-22T13:59:07","slug":"futures-pointing-to-continued-strength-on-wall-street","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/business\/futures-pointing-to-continued-strength-on-wall-street\/","title":{"rendered":"Futures Pointing To Continued Strength On Wall Street"},"content":{"rendered":"

Stocks are likely to move to the upside in early trading on Wednesday, extending the substantial rally seen in the previous session. The major index futures are currently pointing to a higher open for the markets<\/span>, with the S&P 500 futures up by 0.3 percent.<\/p>\n

The markets may continue to benefit from optimism about the outlook for interest rates following yesterday’s tamer than expected consumer price inflation data.<\/p>\n

Potentially adding to the interest rates optimism, the Labor Department released a separate report this morning showing an unexpected decrease in U.S. producer prices in the month of October.<\/p>\n

The Labor Department said its producer price index fell by 0.5 percent in October after rising by a revised 0.4 percent in September. <\/p>\n

Producer prices were expected to inch up by 0.1 percent compared to the 0.5 percent increase originally reported for the previous month.<\/p>\n

The report also said the annual rate of producer price growth slowed to 1.3 percent in October from 2.2 percent in September. Economists had expected the pace of price growth to slow to 1.9 percent.<\/p>\n

While the data may reinforce investor confidence the Federal Reserve is done raising rates, traders may be reluctant to continue buying stocks following yesterday’s surge.<\/p>\n

A rebound by treasury yields may also keep buying interest somewhat subdued, with the yield on the benchmark ten-year note bouncing off its lowest levels in almost two months.<\/p>\n

Meanwhile, a report released by the Commerce Department showed retail sales in the U.S. edged slightly lower in the month of October.<\/p>\n

The Commerce Department said retail sales slipped by 0.1 percent in October after jumping by an upwardly revised 0.9 percent in September.<\/p>\n

Economists had expected retail sales to dip by 0.3 percent compared to the 0.7 percent increase originally reported for the previous month.<\/p>\n

Excluding a decrease in sales by motor vehicle and parts dealers, retail sales inched up by 0.1 percent in October after climbing by 0.8 percent in September. Ex-auto sales were expected to come in unchanged. <\/p>\n

Not long after the start of trading, the Commerce Department is due to release its report on business<\/span> inventories in the month of September. Business inventories are expected to increase by 0.4 percent.<\/p>\n

With tamer than expected inflation data generating considerable buying interest, stocks showed a substantial move to the upside during trading on Tuesday. The major averages all moved sharply higher after ending Monday’s trading narrowly mixed.<\/p>\n

The major averages pulled back off their highs of the session going into the close but still posted strong gains. The Nasdaq soared 326.64 points or 2.4 percent to 14,094.38, the S&P 500 surged 84.15 points or 1.9 percent to 4,495.70 and the Dow jumped 489.83 points or 1.4 percent to 34,827.70.<\/p>\n

In overseas trading, stock markets across the Asia-Pacific region moved significantly higher during trading on Wednesday. Japan’s Nikkei 225 Index spiked by 2.5 percent, while Hong Kong’s Hang Seng Index skyrocketed by 3.9 percent.<\/p>\n

The major European markets are also seeing further upside on the day. While the U.K.’s FTSE 100 Index has surged by 1.2 percent, the German DAX Index is up by 0.8 percent and the French CAC 40 Index is up by 0.6 percent.<\/p>\n

In commodities trading, crude oil futures are falling $0.66 to $77.60 a barrel after closing unchanged at $78.26 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $1,971.20, up $4.70 compared to the previous session’s close of $1,966.50. On Tuesday, gold climbed $16.30.<\/p>\n

On the currency front, the U.S. dollar is trading at 150.84 yen compared to the 150.37 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.0842 compared to yesterday’s $1.0879. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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