Despite concerns about the Nasdaq Composite slipping deeper into correction territory, US stock futures demonstrated resilience. Nasdaq 100 futures led the way, marking a 0.80% climb. The S&P 500’s futures followed with a 0.60% advance, while Dow Jones Industrial Average futures showed strength by advancing 115 points, a 0.30% increase.
Mixed Trending Stocks: Amazon Impresses, Ford Disappoints
During after-hours trading, Amazon impressed the market by adding nearly 5.00% to its mark stock value. This substantial surge came in the wake of Amazon surpassing analysts’ expectations for revenue and earnings during the third quarter. Conversely, Ford‘s stock control saw a 3.00% decline. The company missed third-quarter earnings expectations and withdrew its guidance for the year, citing the ongoing UAW strike as a significant factor.
Stock Market Outlook: US GDP Growth and Inflation Metrics
Amid the Nasdaq’s correction woes, the index slipped by 1.76% during Thursday’s regular trading. This decline followed the index’s entry into deeper correction territory, now standing at more than 12.00% below its year-high close in July. The S&P 500 wasn’t immune, closing the day 1.18% lower, bringing it close to correction territory. The Dow Jones Industrial Average also had a challenging day, shedding 251.63 points, marking its sixth negative session in seven.
While the market’s direction remains uncertain, some foresee a year-end rally, while others remain cautious. Sonia Meskin, Head of US Macro at BNY Mellon Investment Management, takes a cautious approach, suggesting a year-end S&P 500 closing point of around 4,000. However, she acknowledges the presence of uncertainty surrounding this outlook.
Asian Markets Rebound Amid Inflation Data
Positive momentum swept through Asian stock futures, with financial indices posting gains in Australia, Hong Kong, Japan, South Korea, and more. The rebound followed investors’ reactions to recent inflation data. In Tokyo, core consumer prices for October exceeded expectations by rising 2.70% year-on-year. In Australia, the producer price index for the third quarter recorded a year-on-year growth of 3.80%, indicating an accelerated pace compared to the previous quarter.
The ever-changing market landscape has led to varied sector performance within the US markets. In Thursday’s trading, eight out of eleven sectors ended in negative territory. The communication services sector saw a significant 2.58% decline, while the real estate sector outperformed, gaining 2.15%.