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Futures tied to the Dow Jones Industrial Average and the S&P 500 rose on Thursday as traders try to offset losses seen in the first half of this week. Dow futures rose 141 points or 0.4%. The S&P 500 rose 0.4%. Nasdaq rose 0.1%.
Investors hope that inflation will soon reach its peak and begin to gradually decline, which will indicate effective measures to combat it by the Federal Reserve System, allowing it to slow down slightly. The Dow and S&P 500 indexes rose by 2.75% and 2%, respectively, over the week. The Nasdaq rose only 0.7%.
Many investors are now worried about not only high inflation but also a fairly high probability of a recession in the economy, although they were encouraged by the less hawkish tone of Fed Chairman Jerome Powell. Yesterday, the minutes of the May meeting of the committee were published, in which there is quite serious uncertainty about the rift in the financial markets, as well as what level of rates will limit demand and affect the reduction of inflation. It is worth saying that the majority of the meeting participants felt that an increase in the target range by 50 basis points would probably be appropriate for the next few meetings. Many have concluded that a more complete assessment of what is happening will be received later this year.
However, investors' nervousness remains at a fairly high level and when any clear reasons for selling slightly more expensive assets appear, traders immediately take advantage of this moment. Following the results of yesterday, the Nasdaq was in the lead and added 1.5%. The S&P 500 rose 0.9%, and the Dow added 0.6%.
Today, market participants will be waiting for updated information on weekly applications for unemployment benefits in the US, as well as the second estimate of US GDP for the first quarter of this year. Let me remind you that at the beginning of the year the economy shrank by 1.4% once, which raised a lot of questions.
Premarket
Several disappointing quarterly reports from companies in the technology sector limit the upward potential of the NASDAQ index. Shares of chip maker Nvidia fell 5.6% in premarket trading after the company posted a weaker-than-expected forecast for the second quarter. The company's CFO said that Nvidia will now be slower to hire employees.
Snowflake securities failed by 14% for similar reasons - a poor forecast for the second quarter and this is generally with tolerable revenue figures.
The growth leaders were Macy's, which jumped 15% after the company raised its profit forecast for 2022. Williams-Sonoma shares jumped 8.3%.
As for the technical picture of the S&P 500
If the bulls continue to act more aggressively and do not let the trading instrument below $ 3,975, the nearest target will be the resistance of $ 4,010. Its breakthrough will push for an active upward movement in the area of $ 4,042 and $ 4,080. In case of pessimism and more talk about high inflation and the need to fight it, as well as the absence of bulls at $ 3,975, we will see a major sell-off to $ 3,932 and $ 3,900. A decrease in the trading instrument under this level will quickly push it to new lows in the area of $ 3,858 and $ 3,818, and the further target will be the area of $ 3,779.
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