Futures associated with the Dow Jones Industrial Average scored 249 points. The S&P 500 and Nasdaq 100 also traded in moderately positive territory.
Futures trading gained momentum following a sharp sell-off in Wednesday’s session, which extended Wall Street’s losing streak. The Dow lost 934 points, or 3.4%, to its fourth-straight negative day and worst loss since June 11, the S&P 500 saw its worst day since June 11, for its third-straight negative season Fell 3.5%.
The Tech-Heavy Nasdaq Composite suffered a slightly larger loss at 3.7% after advancing marginally in the previous session, its worst performance since 8 September.
A rough day of selling appeared for European markets due to rising cases of Kovid on key leaders in the continents of Germany and France to announce new economic sanctions for the next month. Former Head of Food and Drug Administration, Drs. Along with Scott Gottlieb, new cases are also increasing domestically, telling CNBC.
Jenny Capital Management chief investment officer Mark Luschini said he felt the pullback would prove to be a buying opportunity as some stocks would benefit from economic recovery – such as financial, material and small-cap – small losses compared to the broader market.
“This is not indicative of investors’ growth here or on a global basis,” he said.
Still, Luschini said the one major level he was seeing on the S&P 500 was the 200-day moving average at around 3,130, down roughly 4.3% from where the index closed on Wednesday.
That level of testing would help define “it as a natural stretch that was likely to happen, whether it was triggered by an election or a coronavirus or a Sino-American trade negotiation or whatever, and only one in my mind Pullback in the context of a secular rally would be nothing more than healthy, or if it is something that takes more of a nefarious trait, ”Luschin said.
The market also declined as investors prepared for a big day of corporate earnings on Thursday. NBCUniversal and CNBC’s parent company Modern, Yum Brands and Comcast are to report before the bell.
The afternoon will bring quarterly results for several of the world’s largest tech companies, including Amazon, Apple, Facebook and Google-parent Alphabet. Combined, those companies have a market cap of over $ 5 trillion.
Nuveen’s chief equity strategist Bob Doll said on “Closing Bell” that failure in the first half of the earnings season to boost the broader market was cause for concern.
“Another thing that bothers me is that a lot of companies, which are bringing in much lower-than-expected earnings, initially go up and then fade away. Many of the stocks have good earnings results. But they fall. The market exhausts and they need rest. ”Said Gudiya.
Shares of Facebook and Twitter, which also reported results on Thursday afternoon, moved higher in extended trading after fellow social media stocks reported strong growth in revenue and monthly active users by Pinterest. Pinterest shares soared 28% after hours of trading.
Thursday will also feature an initial reading on US GDP for the third quarter. Economists made by Dow Jones expect a 32% increase on an annual basis, but also that the historic jump will leave the economy well below where it was before the Kovid-19 pandemic and there are indications that the pace of recovery is recent. Has slowed down over the months.
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