Stock futures were slightly higher early Wednesday as Wall Street looked to build on a positive start to 2023 so far.
Futures tied to the Dow Jones Industrial Average rose 30 points, or 0.09%. S&P 500 futures and Nasdaq 100 futures were little changed.
Movements come after The Nasdaq Composite rose 1.01% on Tuesday to complete his first three-day hitting streak since November. The S&P 500 and Dow rose 0.70% and 0.56%, respectively, with all three averages positive for the young year.
The moves included relief for riskier areas of the market, such as technology, but many investors are still cautious ahead of earnings season and further expected rate hikes from the Federal Reserve.
“I think it’s going to be a challenge to try to determine when the Fed will eventually start cutting rates.” There is some evidence that when rates begin to be cut by the Federal Reserve, better markets are ahead. But whether that turns out to be in 2024 or at the end of 2023, at least at this point, in mid-January, the situation is very difficult,” said Matthew Palazzolo, senior investment strategist at Bernstein Private Wealth Management.
Wednesday features a light schedule of economic data, but investors will brace for a key inflation report on Thursday and big bank earnings on Friday.
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