Stock Futures Show Minimal Movement as Investors Look for Ongoing Recovery

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ICARO Media Group
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15/08/2024 23h13

Stock futures remained relatively unchanged on Thursday night as investors monitored the end of a week that has seen a strong recovery in the markets. Dow Jones Industrial Average futures rose by 52 points, or 0.1%, while S&P 500 futures and Nasdaq 100 futures also inched higher by 0.1%. These marginal movements followed a solid day on Wall Street, with the Dow gaining over 500 points, surpassing 1% growth, along with a broader rally in the S&P 500. The Nasdaq Composite experienced the highest surge, jumping more than 2%, fueled by the strength of technology stocks. This marked the sixth consecutive day of gains for both the S&P 500 and Nasdaq, with weekly gains of more than 3% and 5% respectively, on track to be their highest since November. The Dow, with a gain of over 2% this week, is also set for its strongest performance this year.

These positive trends have been supported by better-than-expected economic data. Retail sales data released on Thursday exceeded economists' expectations, indicating robust consumer spending, while weekly jobless claims fell, suggesting a resilient job market. These encouraging figures have helped allay recession fears that triggered a global sell-off earlier this month. Furthermore, recent inflation readings have boosted hopes of a soft landing scenario, fueling expectations that the Federal Reserve may cut interest rates at its upcoming policy meeting.

Commenting on the market sentiment, Sam Stovall, chief investment strategist at CFRA Research, stated, "Investors have been looking for additional reasons to continue the road to recovery. With the recent, better-than-expected economic and employment data, now investors are picking up the pace."

With just Friday's trading session remaining, all three main indexes are poised to end the week on a high note. The S&P 500 and Nasdaq Composite have recorded gains of over 3% and 5% respectively, marking their best weekly performances since November. This also breaks a four-week losing streak for both indices. Meanwhile, the Dow has shown positive momentum, advancing more than 2% and set for its best week since December.

In extended trading, some notable stock movements were observed. Tax services company H&R Block saw its stock rise by over 8% after announcing a 17% dividend increase and a $1.5 billion share buyback. On the other hand, design technology provider Autodesk experienced a decline of nearly 3% after reports suggested that executives continued using a sales strategy against prior claims that it would cease. Bloomberg's report also highlighted the company's alleged ignorance of risks associated with this practice.

As Thursday night drew to a close, Dow and S&P 500 futures appeared relatively stable, while Nasdaq 100 futures dipped slightly by about 0.1%. Investors will closely watch the markets as they head into the final trading session of the week, hoping to maintain the positive momentum seen thus far.

The views expressed in this article do not reflect the opinion of ICARO, or any of its affiliates.

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