Slatestone Wealth chief market strategist Kenny Polcari predicts current bear market rallies will see a ‘refocus’ around valuation and interest rates.
U.S. equity futures traded mixed as the new month begins after ending May on a down note.
The major futures indexes suggest a rebound of 0.3% on the Dow when the opening bell rings Wednesday morning.
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Oil prices gained Wednesday morning after European Union leaders agreed to a partial and phased ban on Russian oil and as China ended its COVID-19 lockdown in Shanghai.
U.S. West Texas Intermediate (WTI) crude traded around $116 a barrel. Brent crude traded around $117 a barrel.
Both benchmarks ended May higher, marking the sixth straight month of rising prices.
Salesforce increased its full-year adjusted profit forecast on strong demand as companies look to improve efficiencies. Shares of the company traded 8% higher in the after-hours session.
Trading at the NYSE. (Courtney Crow/New York Stock Exchange via AP) ((Courtney Crow/New York Stock Exchange via AP))
HP Inc. gave an upbeat earnings outlook even as its laptop and printing business dealt with supply-chain disruptions and sanctions against Russia.
On the economic docket, the payroll processing firm ADP releases its National Employment report for May. Economists are looking for a gain of 300,000 private-sector jobs, up from a much weaker-than-expected tally of 247,000 jobs in April.
A “Now hiring” sign is displayed on the front door of a Staples store in Manchester, N.H. (AP Photo/Charles Krupa) (AP)
Also watch for the ISM’s manufacturing purchasing managers index for May.
Earnings reports are due from Hovnanian, Chewy, GameStop, and Hewlett-Packard Enterprise.
Bitcoin traded around $31,000.
In Asia, Tokyo’s Nikkei 225 advanced 0.7%, Hong Kong’s Hang Seng fell 0.6% and China’s Shanghai Composite index shed 0.1%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 32990.12 | -222.84 | -0.67% |
| SP500 | S&P 500 | 4132.15 | -26.09 | -0.63% |
| I:COMP | NASDAQ COMPOSITE INDEX | 12081.391198 | -49.74 | -0.41% |
On Tuesday, the S&P 500 fell 0.6% to 4,132.15, the Dow Jones Industrial Average fell 0.7% to 32,990.12, while the Nasdaq composite slid 0.4% to 12,081.39.
For the month, the S&P 500 and Dow Jones Industrial Average eked out modest gains of 0.01% and 0.04%, respectively. However, the Nasdaq Composite lost over 2%.
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U.S. Treasury yields rose following reports showing confidence among U.S. consumers was higher than economists expected and home prices rose more than forecast. The yield on the 10-year Treasury was 2.86% on Wednesday morning.
The Associated Press contributed to this report.
