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On the morning of October 8, 2024, the bustling floor of the New York Stock Exchange in New York City is filled with traders and investors eagerly anticipating the day’s market activities. Monday night’s Dow Jones Industrial Average futures are showing little movement, hovering near the record high achieved by the blue-chip index in the previous session.
The futures linked to the 30-stock average have edged up 55 points, representing a modest gain of 0.1%. Similarly, futures for the S&P 500 and the Nasdaq 100 are showing minimal changes, with both indexes nearing their previous closing levels.
The optimistic market sentiment comes on the heels of a successful trading day on Wall Street, where both the Dow and S&P 500 reached new all-time highs and closed at record levels. Notably, the Dow surpassed the significant milestone of 43,000 points for the first time, thanks to a solid gain of over 200 points.
Tech stocks, particularly in the information technology sector, played a pivotal role in driving the S&P 500 higher during the previous session, contributing to a substantial 1.4% increase in the sector. Noteworthy among the tech performers was Nvidia, which soared by 2.4% to achieve a record closing price, bolstering overall market performance.
Discussing the current market conditions, Scott Chronert, U.S. equities strategist at Citi, remarked on CNBC’s “Closing Bell” that he believes the S&P 500 may be slightly overvalued, if not fairly valued. However, he expressed confidence that as long as there is supportive news, the market could sustain its momentum.
Looking ahead to the trading day on Tuesday, investors are gearing up for a slew of corporate earnings reports from major financial institutions such as Goldman Sachs, Citigroup, and Bank of America. In addition to the banking sector, companies like Johnson & Johnson, United Airlines, and Walgreens Boots Alliance are also scheduled to release their earnings figures.
Apart from earnings reports, market participants will closely watch economic data related to manufacturing activity and consumer expectations throughout the day. Additionally, speeches from key Federal Reserve officials, including Fed Governor Adriana Kugler, Atlanta Fed President Raphael Bostic, and San Francisco Federal Reserve President Mary Daly, are expected to provide insight into the central bank’s monetary policy outlook.
Against this backdrop of market events and economic data, investors are poised to react to any developments that could potentially impact market performance. The fluctuating futures movements and the upcoming earnings reports are likely to set the tone for trading activities on the New York Stock Exchange and influence investor sentiment in the near term.
