February 8, 2023

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Stock futures rose Thursday morning

Stock futures rose slightly in early trading on Thursday after better-than-expected earnings and strong consumer confidence data helped boost stocks for a second day.

Stock futures linked to the Dow Jones Industrial Average gained 77 points, or 0.23%, while S&P 500 futures gained 0.29%. Nasdaq 100 futures rose 0.33%.

micron technology The shares fell 2% in overnight trading disappointing quarterly results. Under Armor shares Switched between winnings and losses after The sportswear manufacturer tapped Marriott CEO Stephanie Lennarts as its new CEO.

Overnight moves came after another positive session for stocks. During normal trading on Wednesday, the Dow Jones rose 526.74 points, while the S&P 500 and Nasdaq Composite rose 1.49% and 1.54%, respectively.

All 11 S&P sectors ended the day with gains sending energy higher. Shares of Nike and FedEx rose on a quarterly basis, giving some investors hope that earnings are going decently despite fears of a downturn. Strong consumer confidence data for December also gave the markets a boost.

While better earnings results likely factored into the upbeat market sentiment on Wednesday, oversold conditions may have contributed to the rally, according to Liz Ann Saunders, chief investment strategist at Charles Schwab.

“I think there were a couple of earnings reports that were marginally better than expected,” she said. “But I also think that the market has been in another corrective phase and, in some technical measure, has become a bit oversold. Buyers have stepped in. It’s hard to put a direct finger on the volatility on a daily basis.”

Even with Wednesday’s gains, stocks are on track to end the month with losses. The Dow Jones fell by 3.51%, while the S&P 500 and Nasdaq fell by 4.94% and 6.62%, respectively. The 3 major averages were determined to break a 3-year winning streak and They are recording their worst annual performance since 2008.

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On Thursday, investors await Carmax earnings results and jobless claims data.