Traders work on the floor of the New York Stock Exchange.
Michael Neagle | Bloomberg | Getty Images
US stock futures rose on Wednesday night after the Dow Jones Industrial Average lost 459 points in the day as investors’ worries about debt cap trading eased.
Dow Jones Industrial Average futures rose 42 points (0.1%). S&P 500 and Nasdaq 100 futures rose 0.1%.
In normal trading, the Dow rose 102.32 points to 34,416.99, down 459 points since the start of the session. The S&P rose 0.4 per cent after falling 1.27 per cent. The Nasdaq Composite fell 1.2% and then gained 0.5%.
According to Chris Hasee of Goldman Sachs, October was an expected volatile month driven by uncertainty about US fiscal and monetary policy and supply chain constraints, but economic data reflects the economy. A note on Wednesday suggested it had already begun to rise ahead of the Delta-led summer slump. He said that the market may also take a slight step in the third quarter earnings session starting next week.
On Wednesday, Senate Minority Leader Mitch McConnell proposed a short-term suspension of US debt caps to avoid the country’s default and economic crisis that economists warned could be disastrous. On Tuesday, Treasury Secretary Janet Yellen warned that the United States should “fully anticipate” a recession if that happens.
Investors bought a tech stock dip that hit earlier in the week, but it was delayed to restart the game.
Paul Christopher, Head of Global Market Strategy at Wells Fargo Investment Institute, said:
“As the deadline approaches without a contract to raise the debt cap, market volatility may increase with increased risk, but ultimately economic expansion will have a significant impact on stock and bond prices over the next year. I think that will give.”
ADP reported that despite concerns about the Delta variant, the private sector hired earlier than expected last month. Private jobs grew by 568,000 that month, better than the Dow Jones estimate of 425,000 economists.
In terms of data, the first jobless billing and consumer loan is scheduled for Thursday.
Equity futures to pick up a bit after investors’ debt cap worries ease
Source Link Equity futures may pick up a bit after investors’ debt cap concerns ease