US equity futures are on the rise, with tech stocks leading the gains after Tesla surged 13% in premarket trading. This comes after Tesla posted its largest quarterly profit in over a year. As of 8:00 a.m. in New York, contracts on the S&P 500 rose 0.5%, while futures on the Nasdaq 100 advanced 0.8%. This sets up the tech index to rebound from its sharpest decline in almost seven weeks as traders look forward to earnings from the rest of the “Magnificent Seven,” which was kicked off by Tesla’s strong performance.
In premarket trading, Tesla soared 13%, marking its biggest post-earnings jump since Q3 2019. On the other hand, IBM slumped 4% after reporting underwhelming revenue in the third quarter. Boeing slipped 3% as factory workers rejected a new labor contract that would have increased their wages by 35% over four years.
The market gains mark a resumption of the rally that took the S&P 500 to its 47th record high last week. Traders are bracing for more results from US tech giants, a turbulent US presidential race, and the Federal Reserve’s next rate decision.
Investors also have a flurry of US economic data to parse Thursday for clues on the Federal Reserves’s next move on interest rates. The latest snapshot of the health of the labor market is likely to get the most attention.
European stocks rise as good earnings reports from a range of companies boost the market after three days of declines. Retail stocks are the only sector in the red. The travel and leisure sub-sector is the strongest performer, boosted by Evolution which rallied after in-line results lay investor concerns to rest after a major strike. Miners and personal-care stocks also outperform.
Earlier in the session, Asian equities headed for a fourth day of declines, dragged down by Chinese stocks. Technology shares slid following few key earnings reports. The MSCI Asia Pacific Index fell 0.2% to its lowest level in a month after swinging between gains and losses earlier in the day. Benchmark heavyweight TSMC erased gains while Alibaba and Tencent declined.
#Bottom Line
The recent rebound in equity futures, led by tech stocks, and the strong performance of Tesla, are positive signs for the market. However, with the upcoming US presidential election and the Federal Reserve's next rate decision, there is still a degree of uncertainty. The market's reaction to these events will be crucial in determining the direction of future trends. What are your thoughts on this? Share this article with your friends and let them know about these market developments. Don't forget to sign up for the Daily Briefing which is everyday at 6pm.
US equity futures are on the rise, with tech stocks leading the gains after Tesla surged 13% in premarket trading. This comes after Tesla posted its largest quarterly profit in over a year. As of 8:00 a.m. in New York, contracts on the S&P 500 rose 0.5%, while futures on the Nasdaq 100 advanced 0.8%. This sets up the tech index to rebound from its sharpest decline in almost seven weeks as traders look forward to earnings from the rest of the “Magnificent Seven,” which was kicked off by Tesla’s strong performance.
In premarket trading, Tesla soared 13%, marking its biggest post-earnings jump since Q3 2019. On the other hand, IBM slumped 4% after reporting underwhelming revenue in the third quarter. Boeing slipped 3% as factory workers rejected a new labor contract that would have increased their wages by 35% over four years.
The market gains mark a resumption of the rally that took the S&P 500 to its 47th record high last week. Traders are bracing for more results from US tech giants, a turbulent US presidential race, and the Federal Reserve’s next rate decision.
Investors also have a flurry of US economic data to parse Thursday for clues on the Federal Reserves’s next move on interest rates. The latest snapshot of the health of the labor market is likely to get the most attention.
European stocks rise as good earnings reports from a range of companies boost the market after three days of declines. Retail stocks are the only sector in the red. The travel and leisure sub-sector is the strongest performer, boosted by Evolution which rallied after in-line results lay investor concerns to rest after a major strike. Miners and personal-care stocks also outperform.
Earlier in the session, Asian equities headed for a fourth day of declines, dragged down by Chinese stocks. Technology shares slid following few key earnings reports. The MSCI Asia Pacific Index fell 0.2% to its lowest level in a month after swinging between gains and losses earlier in the day. Benchmark heavyweight TSMC erased gains while Alibaba and Tencent declined.
#Bottom Line
The recent rebound in equity futures, led by tech stocks, and the strong performance of Tesla, are positive signs for the market. However, with the upcoming US presidential election and the Federal Reserve's next rate decision, there is still a degree of uncertainty. The market's reaction to these events will be crucial in determining the direction of future trends. What are your thoughts on this? Share this article with your friends and let them know about these market developments. Don't forget to sign up for the Daily Briefing which is everyday at 6pm.
