U.S. stocks are set to soar higher today, continuing yesterday’s rally after the benchmark S&P 500 index closed on a positive note.
Stock traders are keeping an eye on the U.S Federal Reserve minutes, as well as more earnings results from the retail segments.
At 12.44 pm GMT, US 500 Futures gained 0.10%. In the same vein, the Dow Futures contract rose by 0.14%, while Nasdaq 100 Futures gained 14 points or 0.1%.
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At the close of Tuesday’s trading session, the Dow Jones Industrial Average declined 0.2%, while theS&P 500 added 0.2%, closing at an all-time peak, and the Nasdaq Composite index added 0.7%, its 18th record closing high since early June.
Quick fact: Futures Indexes like Nasdaq 1000 futures are contracts that derive their value from the underlying indices. Stock traders often use them in the short term periods, to predict the price direction before and after the close of the underlying stock trading session.
Stephen Innes, Chief Global Market Strategist at AxiCorp in a note to Nairametrics gave insights on the excitement investors are on American Stocks. He said:
“After more than a week of teasing, the enduring tech rally finally lifted the S&P 500 into record territory as investors remain undeterred about stock market concentrations or COVID-19 flashpoints around the world.
“US equities were stronger overnight – the S&P rose by 0.2% and set a new intraday and closing high. At the close, the S&P was at 3389.78 compared to its previous closing high of 3386.15 set on 19 February. So, I guess the high print offered some level of excitement during the dog days of summer.”
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While the party on Wall Street continues, the mood in Europe is rather subdued. The DAX failed once again at the psychologically important 13,000 level, and now bulls are slowly losing control.
