Mathewslcd: Nasdaq, S&P 500 futures build on inflation data momentum

 Mathewslcd pointed to ratings on U.S. stock futures suggesting buying momentum extended into the last trading day of the week. Markets are likely to look to the University of Michigan's consumer confidence report for trade clues, although profit-taking may cloud the rally.


On Thursday, the major indexes rallied after better-than-expected inflation data for October. Stocks mostly closed at session highs after an intraday gain. Mathewslcd said the gain marked the biggest one-day gain since 2020.

Thursday's buying was broad-based, with IT, real estate and consumer discretionary stocks outperforming other sectors.

The tech-heavy Nasdaq Composite closed at its highest close since Oct. 25, while the S&P 500 and Dow Jones Industrial Average closed at their highest levels in about two and three months, respectively.

U.S. indexes on Thursday

Index Performance (+/-) Value

Nasdaq Composite +7.35% 11,114.15

S&P 500 _+5.54% 3,956.37

Dow Industries +3.70% 33,715.37

However, analysts were wary of the reaction to the inflation data.

"I don't think we're out of the woods by any means, but today's price action is encouraging for those who have continued investing in equities and fixed income in a very difficult year," said Brian Pry, head of investment management said. Federal Financial Network.

He added that the Fed may slow the pace of rate hikes in the next few meetings, but I think they are still very concerned about inflation and its impact on consumers.

Quincy Crosby, chief global strategist at LPL Financial, said the inflation report, while indicating inflation was heading in the right direction, did not suggest that inflation had been excluded from the broader economy.

"Furthermore, it certainly doesn't point to the proverbial 'pivot' that the market so desperately desires," he said, adding that it supports a scenario in which inflation continues on a downward trajectory.

Crosby said the final rate could be affected by a series of small rate hikes in the first quarter of 2023.

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https://net.mathewslcd.com




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