Stock Futures Rise Slightly on Thursday Evening: Live Updates
The stock market is doing well this week.
Stock futures rose in overnight trading on Thursday as Wall Street continues to monitor the situation regarding the debt ceiling.
Futures linked to the
Dow Jones Industrial Average
Add 40 points or 0.1% to the score.
S&P 500
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Nasdaq-100
Futures rose by 0.2% and 0.3% respectively.
Shares
Ross Stores
The stock fluctuated overnight after the retailer reported a positive earnings report but also shared a cautious outlook.
Ross Stores presents a cautious outlook
Shares
Ross Stores
Trading was slightly lower overnight after the retailer exceeded Wall Street's expectations for earnings but gave cautious guidance for the current time period.
Ross, the off-price retailer, beat estimates by 3 cents per share but revenue and same-store sale metrics were in line with expectations. Ross expects EPS for the second quarter to be between $1.07-$1.14, below a Refinitiv forecast of $1.24.
Barbara Rentler, CEO of the company, attributed the lower-than-expected forecast to inflation and a difficult macroenvironment. She added that persistent inflation is a major concern for lower-income consumers.
In today's geopolitical and macroeconomic environment, there is a lot of uncertainty. "Inflationary pressures are continuing to have a negative impact on our customers with low-to-moderate-income," said Ms. Shen.
Samantha Subin
Applied Materials
Stocks are falling off the market
Positive session
The
S&P 500
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Nasdaq Composite
The closing prices of the two stocks, which were 0.94% and 1.5% higher respectively, are their highest since August. The
Dow Jones Industrial Average
The index rose by more than 115 or 0.34%.
The gains made on Thursday boosted the weekly gains of the major averages. The Nasdaq is up 3.3%, and the S&P 500 is expected to finish 1.8% higher. Both are on course for their best performance since March 31, The Dow Jones is up 0.7%.
The news about the debt ceiling caught the attention of investors as early as June 1, which is the first day that the
U.S. default could occur
Fast approaches. House Speaker Kevin McCarthy's comments on Thursday appeared to be a criticism of the House.
suggest a potential deal
Could come as early as next week.
"There's some uncertainty as to when the government won't be able to meet its obligations, in terms of running short of money. So that creates some uncertainty," said Yung Yu Ma, chief investment strategy at BMO Wealth Management. It's a risky situation, but we think the outcome will be positive for markets, on a longer-term basis.
Friday, the tail-end earnings season continues with results from
Deere
You can also find out more about the following:
Foot Locker
Before the bell
Friday is a day with few economic reports, but the Federal Reserve chair Jerome Powell will be speaking in the morning. The New York Fed president John Williams will also speak.
Ross Stores presents a cautious outlook
Shares
Ross Stores
Trading was slightly lower overnight after the retailer exceeded Wall Street's expectations for earnings but gave cautious guidance for the current time period.
Ross, the off-price retailer, beat estimates by 3 cents per share but revenue and same-store sale metrics were in line with expectations. Ross expects EPS for the second quarter to be between $1.07-$1.14, below a Refinitiv forecast of $1.24.
Barbara Rentler, CEO of the company, attributed the lower-than-expected forecast to inflation and the challenging macroenvironment. She added that persistent inflation is a major concern for lower-income consumers.
In today's geopolitical and macroeconomic environment, there is a lot of uncertainty. "Inflationary pressures are continuing to have a negative impact on our customers with low-to-moderate-incomes," said Ms. Shen.
Samantha Subin
Contrarians rejoice! Bullishness continues to head south
Contrarians rejoice. The number of investors who are bullish on the stock market continues to shrink, dropping to only 22.9% according the the latest survey released Thursday by the
American Association of Individual Investors
The rate is down from 29,4% the week before. The historical average is 37.5%.
AAII reported that optimism is at its lowest level in 7 weeks.
Investors' neutral sentiment, which predicts that the stock market will remain stagnant over the next six-month period, increased to 37.4% from 29.4% in last week. Outright bearishness decreased to 39.7%, down from 41.2%. This is still above the historical average of 31.0%.
As contrarian indicators, sentiment surveys are often used. The idea is that when investors declare themselves bullish, this means they have already purchased and therefore little power to drive prices higher. When large numbers of investors are bearish, this means they have already sold their stocks and have a lot of cash.
Stock futures are flat
Stock futures are little changed on Thursday evening.
Futures linked to the
Dow Jones Industrial Average
Trade flat while
S&P 500
You can also find out more about the following:
Nasdaq-100
Futures increased by 0.07% and 0.06 %, respectively.
Samantha Subin