The futures market was relatively stable on Friday morning, with Dow Jones, S&P 500, and Nasdaq futures holding steady. Chinese stocks continued to perform well thanks to fresh stimulus measures. Investors were eagerly awaiting the core PCE price index, a key inflation indicator favored by the Federal Reserve.
The stock market rally started strong on Thursday, led by Micron Technology and Chinese stocks, pushing the S&P 500 to a record high. Although there was a slight pullback, the major indexes managed to recover some of the early losses.
The Nasdaq is showing signs of a power trend, indicating bullish momentum in the market. The S&P 500 is also holding strong, not under any significant pressure.
Nvidia, Arm Holdings, Taiwan Semiconductor, and Broadcom were all making moves in the market, with some facing resistance levels or potential breakouts. On the flip side, Super Micro Computer and MakeMyTrip experienced losses due to external factors.
Investors were keeping an eye on the Fed’s August PCE price index release, which could shed light on inflation trends in the economy. The ongoing debate about a potential rate cut in November added to market uncertainties.
Chinese stocks surged after the government announced stimulus measures, boosting Hong Kong’s Hang Seng index. U.S.-listed Chinese companies like Alibaba and JD.com saw significant gains, reflecting the positive impact of the stimulus.
In other news, Costco’s earnings beat expectations, while Bristol-Myers Squibb got FDA approval for a new drug. The stock market as a whole showed resilience despite some minor setbacks during the day.
Overall, investors were advised to be cautious but remain active in the market, taking advantage of opportunities while monitoring risks. Keeping a close watch on leading stocks, sectors, and economic indicators could help in making informed investment decisions.
