WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
U.S. stocks rose on Wednesday to recover from two straight days of losses as investors piled into shares most sensitive to the economic recovery.
The S&P 500 climbed 0.9% to 4,173.42.
Companies have been handing in solid quarterly results, but the bar is high for earnings to lift the stock market higher after a strong rally to record highs this year. Plus, most analysts are focused on the outlook companies are willing to give. The Dow and the S&P 500 are both up 11% for the year after hitting records Friday.
More than 70 S&P 500 companies have reported so far, and they posted a 23% upside to analysts’ earnings expectations on average, according to CNBC calculations.
The Cboe Volatility Index, also known as the VIX or the market’s fear gauge, rose for two consecutive days, landing above 18 on Tuesday after hitting a 14-month low last week. The VIX fell to 17 on Wednesday.
Plan A : Long if market supported firm above 4158. Targets are 4174, 4190 and 4205.
Plan B : Short if market failed to support above 4158. Targets are 4134, 4110 and 4081.
U.S stock index futures declined slightly in early morning trading on Thursday, eating into the major averages’ gains from the Wednesday session.
The tech-heavy Nasdaq Composite advanced 1.2% to 13,950.22.
Stock rose on Wednesday during regular trading hours, snapping a two-day losing streak, as companies tied to the economy reopening led the way higher. The Nasdaq Composite was the relative outperformer of the major indices, rallying 1.19%.
A busy week of earnings season will continue on Thursday with a host of companies set to report quarterly results.
Economic data released Thursday will also give investors a snapshot of the ongoing economic recovery. Initial jobless claims will be released at 8:30 a.m. ET, with economists expecting a print of 603,000, according to estimates from Dow Jones. Existing home sales data will be released at 10 a.m. ET.
Plan A : Long if market supported firm above 13939. Targets are 13970, 13998 and 14031.
Plan B : Short if market failed to support above 13939. Targets are 13898, 13860 and 13810.
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