tl;dr
U.S. stock index futures on Thursday pointed to a rebound for Wall Street following its worst sell-off since late September in the previous session. Into the final hour of pre-market trading, Nasdaq 100 futures (NDX:IND) were 1.1%, S&P 500 futures (SPX) were 0.8% and Dow futures (INDU) were 0.7%....
U.S. stock index futures on Thursday pointed to a rebound for Wall Street following its worst sell-off since late September in the previous session. Into the final hour of pre-market trading, Nasdaq 100 futures (NDX:IND) were 1.1%, S&P 500 futures (SPX) were 0.8% and Dow futures (INDU) were 0.7%. On Wednesday, the benchmark S&P 500 (SP500) was so close, only 20 points away from a record high, when sentiment turned sour. The index abruptly slid 1.5% in mid-afternoon trade in a move attributed to overbought territory and one of this year's hottest trades. Thursday's economic calendar was fairly crowded. The final estimate of U.S. Q3 GDP growth was revised downward to 4.9%, compared to a consensus of 5.2% and a prior estimate of 5.2%. More importantly, the personal consumption expenditures price index - the Federal Reserve's preferred inflation gauge - was revised downward to 2.6% from a previous estimate of 2.8%. At the same time, data showed that the number of Americans filing for initial jobless claims in the past week rose to 205K, but came in below the anticipated figure of 210K. Additionally, the Philadelphia Fed's gauge of manufacturing activity in December remained in contraction territory, coming in at -10.5 versus an anticipated number of -3.0. Investors are looking ahead to footwear giant Nike's (NKE) earnings report after the closing bell, which will give a fresh look into consumer spending.
More about Nike Inc
Nike Inc is the world's largest supplier of athletic shoes and apparel, with a market cap of $184.8 billion. The stock is currently trading at $37.48, with a 1.36% increase in the last trading session. The stock has shown a 3.24% increase in the last month, outperforming the market. The Relative Strength Index (RSI) is at 33.38, indicating a potential oversold condition. The company has a strong balance sheet with $51.47 billion in total assets and a healthy current ratio of 1.26. Market sentiment is slightly bearish, with the stock showing a downward trend. However, there is a potential for a bullish reversal, as the stock has reached a key support level. Investors should be cautious of potential risks associated with the current market sentiment and consider the implications of the technical indicators before making any investment decisions.
Disclaimer:
This is not financial advice. Please do your own research before investing in any asset.