Traders work on the trading floor of the New York Stock Exchange.
New York Stock Exchange
Futures linked to the Dow Jones Industrial Average The index rose on Thursday morning after breaking a four-day winning streak.
Dow Jones Futures It rose 135 points, or 0.32%. S&P 500 Index Futures up 0.77%. Nasdaq 100 Futures Share price rose 1.5% Micron Technology.
The semiconductor maker’s shares rose 14% in after-hours trading after issuing strong guidance for the quarter. Micron’s fourth-quarter performance also exceeded analysts’ expectations. Semiconductor-related stocks Applied Materials and Lam Research both rose 4%.
At a regular meeting on Wednesday, both sides S&P 500 Index and Dow Chemical It pulled back from its all-time high and closed lower. The broader benchmark fell 0.19%, with blue-chip stocks losing an average of 0.70%. Earlier in the day, both indexes hit record highs. this Nasdaq Index Bucking the trend, it rose slightly by 0.04%.
Tom Lee, co-founder and director of research at Fundstrat Global Advisors, attributed Wednesday’s volatility in part to the upcoming presidential election.
“It’s going to be a bit of a coin flip for the stock market over the next month, and I think that’s what we’re seeing as there’s some repositioning and we’re now looking at 40 days after the election,” he said on CNBC’s “end bell“Wednesday afternoon. “A lot of (investors) were not willing to put money in until after Election Day. I don’t think it matters who wins; it matters. They just want to put that behind them.
Despite Wednesday’s losses, all three major stock indexes are still expected to end September higher.
The next potential catalyst awaiting traders is the weekly jobless claims report due out on Thursday. Economists surveyed by Dow Jones expected 223,000 initial jobless claims for the week ending September 21.
Several Fed officials are also scheduled to speak Thursday, including Chairman Jerome Powell and New York Fed President John Williams.
Chemax and Accenture Earnings will be announced before the market opens, followed by costco wholesale afternoon.
