Stock futures rose Thursday morning
Stock futures rose slightly in early trade on Thursday after better-than-expected earnings and strong consumer confidence data helped lift stocks for a second day.
Stock futures tied to the Dow Jones Industrial Averages gained 77 points, or 0.23 percent, while S&P 500 futures added 0.29 percent. Nasdaq 100 futures rose 0.33%.
Micron technology shares fell 2% in overnight trading on disappointing quarterly results. Under Armor shares shifted between profits and losses After athletic apparel maker has tapped Marriott CEO Stephanie Linartz as the next CEO.
The overnight moves followed another positive session for stocks. In regular trading Wednesday, the Dow gained 526.74 points, while the S&P 500 and Nasdaq Composite rose 1.49 percent and 1.54 percent, respectively.
All 11 S&P 500 sectors ended the day with gains, led by energy. Shares of Nike and FedEx rose on the back of quarterly results, giving some investors hope that earnings are coming along despite fears of a decline. Strong consumer sentiment data for December also boosted markets.
While better earnings results were likely a factor in Wednesday’s upbeat market sentiment, oversold conditions may have contributed to the rally, according to Liz Ann Saunders, chief investment strategist at Charles Schwab.
“I think there were a couple of earnings reports that came out that were a little bit better than expected,” she said. “But I also think the market is in another corrective phase and, by some technical measures, it’s been a bit oversold.” Buyers stepped in. Daily fluctuations are hard to see directly. “
Even with Wednesday’s gains, stocks are on track to end the month with losses. The Dow fell 3.51%, while the S&P 500 and Nasdaq fell 4.94% and 6.62%, respectively. All three major averages are slated to snap a 3-year winning streak and marked their worst annual performance since 2008.
On Thursday, investors await Carmax earnings results and jobless claims data.
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