Market Snapshot: U.S. stock futures lean higher after strong Wall Street showing

by | Mar 3, 2023 | Stock Market

U.S. stock futures leaned higher Friday after a strong session on Wall Street, with index levels holding above a key technical level.What’s happening
Dow Jones Industrial Average futures
rose 15 points, or 0.1%, to 33033.

S&P 500 futures
gained 5 points, or 0.1%, to 3990.

Nasdaq 100 futures
increased 19 points, or 0.2%, to 12081.

On Thursday, the Dow Jones Industrial Average
rose 342 points, or 1.05%, to 33004, the S&P 500
increased 30 points, or 0.76%, to 3981, and the Nasdaq Composite
gained 84 points, or 0.73%, to 11463.

What’s driving markets Analysts cited comments from Atlanta Fed President Raphael Bostic, as well as technical support, for Thursday’s advance. “Inflationary concerns initially weighed on U.S. equity markets after they opened, but the failure to push below technical support at the 200-day [moving average] on both the Nasdaq 100 and S&P 500 prompted a rebound which resulted in a positive close, after comments from Bostic that indicated he would be in favor of a rate pause by the summer,” said Michael Hewson, chief market analyst at CMC Markets UK. Just as markets closed on Thursday, Fed Gov. Christopher Waller said he would want to take interest rates even higher than projected unless job creation drops back down to levels consistent with last year’s downward trajectory and the CPI measure of inflation pulls back “significantly.” Dallas Fed President Lorie Logan and Fed Gov. Michelle Bowman are due to speak Friday, and the Institute for Supply Management’s services index will be released.

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