Market Snapshot: Stock futures higher as S&P 500 takes aim at a record

This post was originally published on this site

U.S. stock-index futures moved modestly higher on Friday, with major benchmarks set to deliver solid gains for the week and the S&P 500 within striking distance of record territory.

Investors will get an update on retail sales and consumer sentiment, and hear from a couple of Federal Reserve speakers. Markets will also watch for updates on Hurricane Florence, which was already causing havoc on and around the Carolinas coastline.

Need to Know: Stocks ‘could get much more highly priced’ on ‘the Trump story,’ says Robert Shiller

What are the main benchmarks doing?

Dow Jones Industrial Average futures YMZ8, +0.17%  rose 28 points, or 0.1%, to 26,213, while S&P 500 futures ESZ8, +0.16%  added 3.7 points, or 0.1%, to 2,914. Stronger gains were seen for Nasdaq-100 futures NQZ8, +0.34% up 25 points, or 0.3%, to 7,618.

On Thursday, the Dow DJIA, +0.57% closed up 0.6% to finish at 26,145.99, its first close above 26,000 this month. The S&P 500 SPX, +0.53% rose 0.5% to 2,904.18 and the Nasdaq Composite COMP, +0.75% gained 0.8% to finish at 8,013.71.

The S&P finished 0.3% shy of its record close of 2,914.04 reached on Aug. 29.

For the week and with one session remaining, the Dow was looking at a 0.9% gain, the S&P 500 a rise of 1.1% and the Nasdaq was poised for a 1.4% weekly rise. All three indexes were rebounding from last week’s declines.

What’s driving markets?

Continued upbeat sentiment surrounding the global trade picture was helping to inspire gains at the week’s end. Investors will be on the lookout for further comments from either the U.S. or China after the White House administration invited Chinese officials back to the table to try to hammer out a trade deal. That meeting could take place by the end of the month.

Hurricane Florence was lashing the Carolinas coastline early Friday. According to CoreLogic estimates, wind and storm surges from the hurricane were estimated to cause property losses between $3 billion and $5 billion. The slow-moving storm was downgraded to a Category 1 storm, but no less dangerous, give forecasts for “catastrophic” floodwaters.

What are strategists saying?

“As CPI cools and wages rise, the U.S. seems set to continue its economic outperformance, though the continuing outflows in U.S. equities suggests we are not at the ‘irrational exuberance’ phase of this rally just yet,” said Chris Beauchamp, chief market analyst at IG, in a note to clients.

Which economic reports are on tap?

The spotlight will be on retail sales, with an August update due at 8:30 a.m. Eastern Time. Economists polled by MarketWatch forecasting a gain of 0.3% from a rise of 0.5% in July. Import prices for August will be released at the same time.

Then at 9:15 a.m. Eastern, industrial production data for August will be released, followed by consumer sentiment for September and business inventories for July, both due at 10 a.m. Eastern.

Check out: MarketWatch’s Economic Calendar

On the Federal Reserve front, the Chicago Fed’s Charles Evans is due to speak before the opening bell, then the Boston Fed’s Eric Rosengren is slated to talk shortly after the open.

Which stocks are in focus?

Marijuana-related stocks were down in premarket trading after a report that the U.S. government may ban those who invest or work in the industry or use pot could face a lifetime ban on entering the U.S. Shares of Tilray Inc. TLRY, +14.11%  slumped nearly 8%, Cronos Group Inc. CRON, -10.29%  dropped 4% and Cronos Group Inc. CRON, -10.29%  fell 2.4%.

Shares of NiSource Inc. NI, +0.68%  fell 11% in premarket trade after news reports said customers of one of the company’s seven regulated utilities, Columbia Gas of Massachusetts, were asked to evacuate following gas-related explosions in towns outside of Boston.

Read: Advanced Micro Devices Inc. backs off 12-year high

What are other markets doing?

European stocks SXXP, +0.29% moved higher, while Asian markets also had a mostly positive session.

Gold futures GCZ8, +0.31% were modestly positive, along with oil futures CLV8, +0.51% while the ICE U.S. Dollar Index DXY, -0.07% was steady.

Providing critical information for the U.S. trading day. Subscribe to MarketWatch’s free Need to Know newsletter. Sign up here.

Be Sociable, Share!

Related Posts

 

MarketTamer is not an investment advisor and is not registered with the U.S. Securities and Exchange Commission or the Financial Industry Regulatory Authority. Further, owners, employees, agents or representatives of MarketTamer are not acting as investment advisors and might not be registered with the U.S. Securities and Exchange Commission or the Financial Industry Regulatory.


This company makes no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended in this email, and makes no representations or warranties concerning said company or entity’s compliance with applicable laws and regulations, including, but not limited to, regulations promulgated by the SEC or the CFTC. The sender of this email may receive a portion of the proceeds from the sale of any products or services offered by a company or entity mentioned or recommended in this email. The recipient of this email assumes responsibility for conducting its own due diligence on the aforementioned company or entity and assumes full responsibility, and releases the sender from liability, for any purchase or order made from any company or entity mentioned or recommended in this email.


The content on any of MarketTamer websites, products or communication is for educational purposes only. Nothing in its products, services, or communications shall be construed as a solicitation and/or recommendation to buy or sell a security. Trading stocks, options and other securities involves risk. The risk of loss in trading securities can be substantial. The risk involved with trading stocks, options and other securities is not suitable for all investors. Prior to buying or selling an option, an investor must evaluate his/her own personal financial situation and consider all relevant risk factors. See: Characteristics and Risks of Standardized Options. The www.MarketTamer.com educational training program and software services are provided to improve financial understanding.


The information presented in this site is not intended to be used as the sole basis of any investment decisions, nor should it be construed as advice designed to meet the investment needs of any particular investor. Nothing in our research constitutes legal, accounting or tax advice or individually tailored investment advice. Our research is prepared for general circulation and has been prepared without regard to the individual financial circumstances and objectives of persons who receive or obtain access to it. Our research is based on sources that we believe to be reliable. However, we do not make any representation or warranty, expressed or implied, as to the accuracy of our research, the completeness, or correctness or make any guarantee or other promise as to any results that may be obtained from using our research. To the maximum extent permitted by law, neither we, any of our affiliates, nor any other person, shall have any liability whatsoever to any person for any loss or expense, whether direct, indirect, consequential, incidental or otherwise, arising from or relating in any way to any use of or reliance on our research or the information contained therein. Some discussions contain forward looking statements which are based on current expectations and differences can be expected. All of our research, including the estimates, opinions and information contained therein, reflects our judgment as of the publication or other dissemination date of the research and is subject to change without notice. Further, we expressly disclaim any responsibility to update such research. Investing involves substantial risk. Past performance is not a guarantee of future results, and a loss of original capital may occur. No one receiving or accessing our research should make any investment decision without first consulting his or her own personal financial advisor and conducting his or her own research and due diligence, including carefully reviewing any applicable prospectuses, press releases, reports and other public filings of the issuer of any securities being considered. None of the information presented should be construed as an offer to sell or buy any particular security. As always, use your best judgment when investing.