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S&P 500 and Nasdaq signal optimism ahead of Fed speeches

S&P 500 and Nasdaq signal optimism ahead of Fed speeches

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The change Pre-opening futures suggest cautious optimism for Wall Street on Thursday, following a tech-led pullback seen in the previous session.

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On Wednesday, the gap in the major averages opened lower and largely settled below a flat line, although Fed committee minutes suggesting future rate hikes may be less steep helped pare some losses.

The Nasdaq composite fell 1.25%, offset by declines in most major technology stocks. Actions of Apple, Inc. (NASDAQ: AAPL ) bucked the downtrend with a gain of 0.88% after the rally double review price targets.

The brief interest in sector Tech has gained $30.9 billion since the market bottomed on June 16, the biggest dollar gain of any sector, according to an analyst at S3 partners Ihor Dusaniwsky in a recent report.


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The Dow Industrials went on a five-session winning streak before ending half a percentage point lower at 33,980.32. The S&P 500, the broader market gauge, fell 0.72% to 4,274.04.

At last check, S&P 500 and Nasdaq futures were up 0.16% and 0.13%, respectively. Dow futures rose 0.11%.

“If there’s anything wrong with the market, it’s simply because we’re in August,” he said. Louis Navellier de Navellier & Associates in a report.

Navellier estimates that the second half of August will be moderate compared to the end Profit, but expects the market to recover heading into the Labor Day weekend. This will likely be followed by further consolidation, he added.

“I think if you’re looking for a bottom in the market, September 21 seems like a good time to add money because the Federal Reserve may get its last policy rate,” the fund manager said.

On Thursday, investors can react to weekly jobless claims data and regional manufacturing survey results, both before the market opens for trading. The National Association of Realtors will post his current home sales data July at 10 a.m. ET.

That said, the focus is likely to be on the two central bank speeches scheduled for the afternoon. Minneapolis Governor Neel Kashkari y Kansas City Governor Esther GeorgeThey will appear publicly.

The internet giant Cisco Systems, Inc. (NASDAQ:CSCO) has taken a boost after quarterly results. The market will also absorb more profit from retailers.

Crude oil futures rise for the second session in a row.

Major markets in Asia followed Wall Street’s negative lead and ended Thursday’s session mostly lower. European stocks are recovering after last session’s sell-off.

In pre-opening business on Thursday was SPDR S&P 500 ETF Trust (NYSE: SPY ) added 0.11% to $427.14 and Invesco QQQ Trust (NASDAQ:QQQ) rose 0.04% to $328.61, according to data from Benzinga Pro.

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