Futures indicate the S&P 500 could hit another record high by Friday’s close, driven by the tech sector’s potential for a third straight day of gains and anticipation of fresh economic data.
Here’s a snapshot of current stock-index futures:
On Thursday, the S&P 500 surpassed its previous record close, reaching 5,029.73. The Dow Jones Industrial Average rose to 38,773.12, and the Nasdaq Composite climbed to 15,906.17.
Market drivers:
Thursday’s record-setting performance by the S&P 500 coincided with mixed manufacturing data and a notable drop in January retail sales, easing concerns about potential Federal Reserve interest rate adjustments following recent inflation reports.
According to Ipek Ozkardeskaya, senior analyst at Swissquote Bank, the significance of economic data is waning as investors maintain a positive outlook, seemingly unaffected by the numbers. She attributes this optimism to the promise of rate cuts.
Investors are gearing up for a busy day of data releases, including January housing starts and the producer price index, both expected at 8:30 a.m. Additionally, the University of Michigan preliminary consumer sentiment survey for February is due at 10 a.m.
Federal Reserve Vice Chair for Supervision, Michael Barr, is scheduled to speak at 9:10 a.m., followed by San Francisco President Mary Daly at 12:10 p.m.
Technology stocks are leading the way on Friday, with the Nasdaq poised for a third consecutive day of gains, despite being down 0.5% for the week as of Thursday’s close.
Applied Materials Inc. (AMAT) surged 13% in premarket trading following upbeat results and guidance. Tesla Inc. (TSLA) rose 2% in premarket trade, while Nvidia Corp. (NVDA) saw a 1.5% increase. Nvidia is expected to report fourth-quarter results next week.
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