Stock futures remained muted on Thursday evening as Wall Street sought stabilization following a downturn in equities. Futures linked to the Dow Jones Industrial Average edged up by 28 points, or less than 0.1%. S&P 500 futures increased by 0.1%, while Nasdaq 100 futures rose by 0.2%.
This movement in futures follows a broad decline in stocks during Thursday’s regular trading hours. The Dow fell over 500 points, breaking a six-day winning streak, while the S&P 500 and Nasdaq Composite dropped 0.78% and 0.70%, respectively.
Despite Thursday’s sell-off, a market rotation is emerging as a significant theme for the week. As of now, the S&P 500 and Nasdaq Composite have fallen 1.26% and 2.87% for the week, whereas the Dow has gained 1.66% and the small-cap Russell 2000 has increased by 2.33%. This divergence has been seen as a positive sign by some market analysts who were concerned that the rally had been overly reliant on a few large tech stocks.
“The internals of the market are very healthy,” said Evercore ISI strategist Julian Emanuel on CNBC’s “Closing Bell: Overtime.” He noted that the market had climbed steadily in recent months until the recent dip, and this pullback does not cause concern.
Investors anticipate key earnings reports on Friday for insights into the consumer and financial sectors. American Express, Travelers, Comerica, and Fifth Third Bancorp are slated to release their results before the market opens.
Additionally, investors are closely watching the political landscape. Donald Trump is intensifying his campaign as the Republican National Convention concludes, while President Joe Biden faces pressure from fellow Democrats to consider stepping aside in the upcoming race.
Stay tuned for fresh data and developments as Wall Street navigates these dynamic market conditions heading into the weekend.
Original Story https://www.cnbc.com/2024/07/18/stock-market-today-live-updates.html
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