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U.S. stock futures rose on Wednesday, leaving Wall Street on course for a fourth consecutive day of gains, with chipmakers expected to lead the rally.
How are stock-index futures trading
-
Dow Jones Industrial Average futures
YM00,
+0.36%
rose 119 points, or 0.3%, to 31,132 -
S&P 500 futures
ES00,
+0.25%
gained 0.3% to 3,859 -
Nasdaq 100 futures
NQ00,
+0.30%
increased 0.3%, to 11,919
On Wednesday, the Dow Jones Industrial Average
DJIA,
rose 70 points, or 0.23%, to 31038, the S&P 500
SPX,
increased 14 points, or 0.36%, to 3845, and the Nasdaq Composite
COMP,
gained 40 points, or 0.35%, to 11362.
What’s driving markets
Technology stocks are expected to gain ground on Thursday, after South Korea’s Samsung
005930,
the world’s number one maker of semiconductors, revealed a better-than-expected jump in second-quarter revenues.
The news has helped assuage some fears about the depth of the sector’s slowdown.
The tech-heavy Nasdaq Composite index is off more than 27% so far in 2022, while the S&P Semiconductor & Semiconductor Equipment index has slumped 37%.
In pre-market trading, chipmakers Intel
INTC,
and Nvidia
NVDA,
were adding 1.1% and 1.2% respectively.
Investors will be hoping that the recent battering delivered to stocks means that there is opportunity for the market to be pleasantly surprised when the second quarter earnings season gets into full swing next week.
But some are wary.
“Stocks could see a second phase of bear market driven by earnings weakness. A trough is likely to come only when unemployment rates are close to peaking, which could be a year or so from now, ” said Trevor Greetham, head of multi asset at Royal London Asset Management.
“Broad diversification, active tactical asset allocation and disciplined downside risk management will be key to navigate the bumpy road ahead,” he added.
Meanwhile, equity investors appear to have decided that the latest Federal Reserve minutes, released on Wednesday, contained little to be concerned about.
Attention will now turn to a speech on Thursday from St Louis Fed president James Bullard, and Friday’s nonfarm payrolls report for fresh clues to the Fed’s policy trajectory. The benchmark 10-year Treasury yield
TMUBMUSD10Y,
was up 4 basis points at 2.950%.
Other markets
-
Crude oil was firmer. West Texas Intermediate crude
CL.1,
+0.71% CLQ22,
+0.71%
rose 79 cents, or 0.8%, to $99.34 a barrel. The U.S. benchmark lost nearly $10 over the previous two sessions amid worries about easing global demand. -
The ICE Dollar Index
DXY,
-0.20%
was down 0.2% to 106.81. On Wednesday it berached 107 , its highest level in 19 years as worries about the European economy and political turmoil in the U.K. pressured the euro and sterling. -
Gold
GC00,
+0.23%
rose 0.2% to $1,740.50 an ounce and silver
SI00,
+0.84%
added 0.8% to $19.25 an ounce. -
Bitcoin
BTCUSD,
+0.39%
advanced by 0.5% to $20,505, but was still down nearly 70% from its record high, as traders warily eye recent turmoil in the crypto sector. -
In Europe, the Stoxx Europe 600
SXXP,
+1.44%
climbed 1.4%, while the FTSE 100
UKX,
+1.20%
in London climbed 1.2% after U.K media said Prime Minister Boris Johnson would resign. In Asia, the Shanghai Composite
SHCOMP,
+0.27%
rose 0.3% and the Nikkei 225 index
NIK,
+1.47%
rose 1.4%.
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