As trading closed, the Dow Jones futures saw a slight increase after hours, showing positive movement along with the S&P 500 and Nasdaq futures. On Wednesday morning, the market will be eagerly awaiting the release of the April CPI inflation report and retail sales data.
The recent stock market rally showed steady gains on Tuesday, with the Nasdaq hitting a new record high, although the Nasdaq composite only achieved a record close. Although the April producer price index came in higher than anticipated, there were significant downward revisions in the March data. Furthermore, components contributing to the core PCE price index, the Federal Reserve’s preferred inflation gauge, generally remained below expectations. Fed Chairman Jerome Powell described the PPI reading as “mixed.”
Meme stocks like GameStop and AMC Entertainment experienced significant surges once again, although they did taper off slightly from their peak levels. Companies like Nvidia, Embraer, Pure Storage, ONON, CrowdStrike, and Oracle either broke out or showed strong buy signals.
Looking at upcoming earnings reports, Nu Holdings exceeded Q1 revenue expectations, but their stock saw only a modest increase. Chinese e-commerce giant JD.com and India-based travel site MakeMyTrip are set to report their Q1 results on Wednesday.
Overall, it’s important for investors to pay attention to how the Dow Jones futures and Treasury yields react to the upcoming economic data releases. Although overnight futures movements can provide insight, they do not always align with regular trading sessions.
On Wednesday morning, several key economic reports are due, including the April consumer price index, April retail sales, and the May Empire State Manufacturing Index. These releases are likely to impact Dow Jones futures and Treasury yields.
The stock market rally continued to gather momentum on Tuesday afternoon, with major indexes like the Dow Jones Industrial Average, S&P 500, and Nasdaq composite all posting gains. While the market is trading near record highs, it’s crucial to monitor leading stocks that are showing potential buy signals.
In conclusion, it’s important to stay informed about the evolving market conditions and economic data while keeping an eye on stocks like Nvidia, Embraer, Pure Storage, ONON, CrowdStrike, and Oracle for potential trading opportunities. Consider the implications of upcoming earnings reports and economic indicators on the market.
