Benzinga
Published Sep 28, 2022 12:11
Updated Sep 28, 2022 13:10
Nasdaq Futures Slip But S&P 500, Dow Futures Hold Up Ahead Of Market Open — Apple, Biogen Stocks In Focus
U.S. stocks could struggle for direction on Wednesday after the market struggled en route to a mixed close in the previous session. Volatility could be the order of the day as another batch of Fed speeches are in the pipeline.
Tuesday, the major averages opened notably higher and moved sideways in early trading, encouraged by dovish comments by Chicago Fed President Charles Evans.
With the decline, the S&P 500 breached the mid-June lows on an intraday basis also and closed at its lowest level since Nov. 30, 2020.
Nasdaq Composite | +0.21% | 10,829.50 | |
S&P 500 Index | -1.03% | 3,647.29 | |
Dow Industrials | -0.43% | 29,134.99 |
Nasdaq 100 Futures | -0.38% | |
S&P 500 Futures | +0.02% | |
Dow Futures | +0.08% | |
R2K Futures | +0.01% |
“That the message from the Fed to 'keep at it,' straight out of inflation slayer’s Paul Volcker’s lexicon, suggests that market participants are going to be much more cautious before embracing a bounce and taking it to the next level,” said Quincy Krosby, chief global strategist at LPL Financial.
On the economic front, traders get to digest the Mortgage Bankers Association’s mortgage applications volume data for the week ended Sept. 23.
The focus is also likely to be on the National Association of Realtors’ pending home sales index for August, which is due for release at 10 a.m. EDT. In July, the index, a leading indicator of housing activity, fell 1% month-over-month.
Atlanta Fed President Raphael Bostic is expected to participate in a moderated conversation on "Leadership in Banking" before the "Banking and the Economy: A Forum for Minorities in Banking," in Atlanta, Georgia. The event is scheduled for 9:25 a.m. EDT.
Federal Reserve Chair Jerome Powell will give, via pre-recorded video, welcome remarks before the 2022 Community Banking Research Conference hosted by the St. Louis Fed at 10:15 a.m. ET. Federal Reserve Board Governor Michelle Bowman is due to speak on “The New Landscape for Banking Competition” at the same conference at 11 a.m. ET.
Richmond Fed President Thomas Barkin is expected to speak before the New Bern Chamber of Commerce at 11:30 a.m. ET.
At 2 p.m. ET, Evans is set to participate in a moderated Q&A session on current economic conditions or monetary policy hosted by the London School of Economics.
See: S&P 500 Breaches June Low: Why PreMarket Prep Is Watching This Bond ETF
Stocks In Focus:
Crude oil, which recovered on Tuesday amid supply concerns triggered by Hurricane Ian, is trading modestly lower. On Tuesday, Goldman Sachs (NYSE:GS) lowered its oil price forecast for 2023, citing a weak demand outlook.
The major Asian markets fell across the board on Wednesday, with Hong Kong’s Hang Seng tumbling over 3%. The Taiwanese, South Korean and Chinese markets also clocked notable losses. Recession fears dominated, forcing investors to take cover under the safe haven dollar. The Chinese yuan fell to its lowest level against the dollar since 2011 when data was first made available.
European stocks are trading moderately lower in late morning trading, with the U.K. policy fiasco adding to the negativity.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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