StocksAre Trying to Rise Again. Let's Hope for a Better Outcome This Time.
6:31 a.m. Once again, the S&P 500 looks set for a higher open Thursday morning. Let’s hope it has a different outcome today, as the index is suffering through a five-day losing streak.
S&P 500 futures have risen 0.3%, while Dow Jones Industrial Average futures have advanced 71 points, or 0.3%. Nasdaq Composite futures have gained 0.7%.
The market has been buoyed by comments from Federal Reserve Chairman Jerome Powell, who praised the strength of the U.S. economy and played down market volatility in a speech Wednesday night. “He argued that the U.S. economy can continue to grow and can even pick up pace in the future, though he did note some downside risks from fading fiscal stimulus, slower growth abroad, and any greater-than-expected impacts of rate hikes,” explains Deutsche Bank’s Jim Reid. “Powell mentioned that credit spreads remain tight, suggesting that it will take broader risk-off price action in markets to affect his reasoning than just an equity selloff.”
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