Stock futures had changed slightly on Wednesday evening, as investors assessed a regular-session rally and at least a temporary resurgence in technology stocks.
During the past three sessions, Tech shares saw a spurt on Wednesday, leading the broader market since April and making Nasdaq its best one-day gain. However, the index has remained down by 5.4% since September.
Amazon (AMZN) shares rose nearly 4% after a cumulative 10.8% decline in the previous three sessions and Tesla (TSLA) shares rose nearly 11% after a record 21% drop on Tuesday.
The rally came in the absence of any major catalysts on Wednesday, as investors swooped in to buy stocks following the previous several sessions’ decline. As of its closing price on Tuesday, Nasdaq fell 10% from its recent record high last week, sending it into the correction zone.
BPL White, chief investment officer at LPL Financial, said in an email Wednesday, “As there was no real reason for the decline in the past three days, there was no main driver for today’s huge rally, other than stocks being significantly higher.” Were.” “As the election draws closer, we can see that it continues to fluctuate.”
While assessing the damage over the past few days, many analysts argued that US equities – and especially Tech and Growth Shares – were due to be knocked off their highs. Roller-coaster trading had gained momentum over the past few days, as a rush of trades in tech stocks increased, as investors saw the stocks of companies most resilient during the epidemic. Even with volatility in the past one week, the Nasdaq remained at over 24% for the year to date, and the S&P 500’s information technology sector grew by 27%, outperforming every other major sector.
“Signs of restlessness and stretch positions in the options market have appeared in recent weeks, with the put / call ratio falling, an extremely steep front-end VIX term structure, and options for tech companies, particularly those traded in calls. Unprecedented volume, ”Alastair Pinder, global equity strategist for HSBC, said in a note on Wednesday.
“In fact, given the unprecedented scale of business options for [big-tech] FAANGMs (the infamous volume of $ 200 billion a day in August, $ 70 billion in early January), it is unlikely that the recent volatility has completely cleared the situation, ”he said.
6:11 pm ET Wednesday: Stocks change slightly due to late trading close
Here were the main moves in the equity markets, such as 6:11 pm:
- S&P 500 Futures (ES = F): 3,400.00, down 0.25 points or 0.01%
Dow Futures (YM = F): 27,970.00, down 2 points or 0.01%
Nasdaq Futures (NQ = F): 11,404.50, up 11.75 points or 0.1%
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