Jump to content

U.S. Futures Mixed; Nasdaq Underperforms After Powell Nomination


Recommended Posts

image.png

By Peter Nurse, 23rd November 2021.

Investing.com - U.S. stocks are seen opening mixed Tuesday, with the tech-focused Nasdaq underperforming as investors digest the nomination of Jerome Powell for a second term as head of the Federal Reserve.

At 7 AM ET (1200 GMT), the Dow Futures contract was up 20 points, or 0.1%, S&P 500 Futures largely flat and Nasdaq 100 Futures dropping 30 points, or 0.2%.

President Joe Biden on Monday ended months of speculation over his pick to run the Federal Reserve, reappointing Powell as chair and promoting Fed Governor Lael Brainard to second in command.

Although stocks initially gained on the news, the broad market headed lower into the final minutes of trading as bond yields rose. Powell’s appointment, which has to be confirmed in the Senate, was seen resulting in a faster normalization of monetary policy than would have been the case under Brainard.

The Dow Jones Industrial Average closed just 17 points higher on Monday, but the S&P 500 and the Nasdaq Composite, in particular, fell as growth stocks reacted to the jump in yields.

Looking at individual stocks, Zoom Video Communications (NASDAQ:ZM) will be in focus after the popular video-conferencing platform added fewer large clients than expected for the second straight quarter.

Urban Outfitters (NASDAQ:URBN) stock slumped premarket after the retailer warned of possible inventory problems in the busy holiday quarter. Its guidance for around 16% sales growth failed to impress.

Additionally, there are quarterly earnings reports to study from American Eagle (NYSE:AEO), Best Buy (NYSE:BBY) and Abercrombie & Fitch (NYSE:ANF) before the bell, and Dell Technologies (NYSE:DELL), Gap (NYSE:GPS), HP (NYSE:HPQ) and Nordstrom (NYSE:JWN) after the close.

The economic data slate centers around the flash PMI figures for November, which are expected to show some improvement, particularly after Eurozone business growth unexpectedly accelerated as consumers shrugged off another wave of coronavirus infections and new restrictions.

Crude prices fell Tuesday as the U.S. confirmed it will release 50 million barrels of oil from strategic reserves in an attempt to cool elevated prices  The likes of India, Japan and South Korea are also expected to join in the release of additional reserves.

The American Petroleum Institute releases its weekly estimates of U.S. oil inventories later in the session. Its data showed crude stockpiles increasing by 655,000 barrels for the week ended Nov. 9, compared with a draw of 2.5 million barrels the previous week.

By 7 AM ET, U.S. crude futures traded 1.2% lower at $75.81 a barrel, while the Brent contract fell 0.8% to $79.09. 

Additionally, gold futures fell 0.7% to $1,793.95/oz, while EUR/USD traded 0.2% higher at 1.1254.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      21,232
    • Total Posts
      90,824
    • Total Members
      41,335
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    PeteL
    Joined 03/02/23 05:23
  • Posts

    • Elliott Wave Analysis TradingLounge Daily Chart, 3 February 23, Polkadot /U.S.dollar(DOTUSD) DOTUSD Elliott Wave Technical Analysis Function: Follow trend Mode: Motive Structure: Impulse Position: Wave ((1)) Direction Next higher Degrees: wave I of Motive Wave Cancel invalid level: 4.23 Polkadot /U.S.dollar(DOTUSD) Trading Strategy: The rise of the first wave in an uptrend, upon completion, the price will retrace again in the second wave, but must not retrace more than 100% of the first wave. Gives us the opportunity to join the trend again. Wait for the second wave to finish. Polkadot /U.S. dollar (DOTUSD)Technical Indicators: The price is below the MA200 indicating a downtrend. The wave oscillators above Zero-Line momentum are bullish. TradingLounge Analyst: Kittiampon Somboonsod Source : Tradinglounge.com get trial here!   Elliott Wave Analysis TradingLounge 4H Chart, 3 February 23, Polkadot /U.S.dollar(DOTUSD) DOTUSD Elliott Wave Technical Analysis Function: Counter trend Mode: Corrective Structure: Flat Position: Wave (C) Direction Next higher Degrees: wave I of Motive Wave Cancel invalid level: 4.23   Polkadot /U.S.dollar(DOTUSD)Trading Strategy: The rise of the first wave in an uptrend, upon completion, the price will retrace again in the second wave, but must not retrace more than 100% of the first wave. Gives us the opportunity to join the trend again. Wait for the second wave to finish. Polkadot /U.S.dollar(DOTUSD)Technical Indicators: The price is above the MA200, indicating an uptrend. The wave oscillators above Zero-Line Bullish momentum.
    • US stock market is currently showing a bullish trend with several companies, such as Apple (AAPL), Tesla (TSLA), Amazon (AMZN), Nvidia (NVDA), Microsoft (MSFT) being very bullish. Stock Market: SP500, Apple (AAPL),Tesla (TSLA), Amazon (AMZN), Nvidia (NVDA), Microsoft MSFT, Berkshire Hathaway (BRK/B), Block, Inc (SQ), Meta Platforms, Netflix (NFLX), Enphase (ENPH), Alphabet GOOGL. XFL Finance Sector ETF, JPMorgan JPM & Bank of America BAC, Goldman Sachs Group Inc (GS) Stock Market Summary Earnings for large tech stock creates Elliott wave three's  Elliott Wave Analysis: Lows in for the stock market as the market Impulses higher Trading Strategies:Continue to hold Long Trades Video Chapters 00:00 SP500 / RUT 07:00 Apple (AAPL) 13:30 Amazon (AMZN) 16:15 NVIDIA (NVDA) 19:38 Meta Platforms (META) 20:23 Netflix (NFLX)  23:23 Enphase (ENPH) 28:28 Tesla (TSLA) 30:52 Alphabet (GOOGL)  33:02 Microsoft (MSFT) 36:49 Berkshire Hathaway (BRK.B) 38:40 Block Inc. (SQ)  42:59 Bank of America BAC 48:31 TRIAL Buy 1 Month Get 3 Months  Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817 Source: tradinglounge com  
    • Look Ahead to 03/02/23: US jobs; Caixin; US ISM non-manufacturing PMI; SASY earnings After the Fed, ECB and the Bank of England all raised interest rates, traders turn their attention to the keenly watched US jobs report. We’ll get live coverage and reaction to the NFPs from IG’s Angeline Ong and Joshua Mahony. Plus, look out for ISM non-manufacturing PMI data for more hints on the health of the US economy, and earnings from French healthcare company Sanofi (SASY).   Angeline Ong | Presenter, Analyst and Content Editor, London | Publication date: Thursday 02 February 2023        
×
×
  • Create New...