Stock Market

See-saw pattern set to continue as U.S. stock futures lean higher – News Opener

Range-bound U.S. stocks may be set for a positive day, as U.S. stock index futures advanced in early action.

What’s happening
  • Futures on the Dow Jones Industrial Average

    rose 91 points, or 0.3%, to 32980.

  • Futures on the S&P 500

    gained 13.5 points, or 0.3%, to 4128.

  • Futures on the Nasdaq 100

    increased 47.75 points, or 0.4%, to 12664.

On Wednesday, the Dow Jones Industrial Average

fell 269 points, or 0.81%, to 32911, the S&P 500

declined 45 points, or 1.08%, to 4116, and the Nasdaq Composite

dropped 89 points, or 0.73%, to 12086.

The S&P 500 hasn’t traded above 4,177.51 or below 4,073.85 this month.

What’s driving markets

Investors will be positioning ahead of Friday’s U.S. May inflation report, as well as monitoring the latest decision from the European Central Bank.

While no change in interest rates is expected, the 8:30 a.m. Eastern press conference from President Christine Lagarde will be monitored for signs as to whether the ECB will make its first rate hike of the cycle in July, and by what magnitude.

Julian Emanuel, a strategist at Evercore ISI, reduced his year-end S&P 500 index price target to 4,300 from 4,800. He said a decisive move lower in gasoline prices is needed for stocks to push higher.

“A clear break lower in the price of unleaded gasoline, the most important inflation barometer in the mind of the stressed U.S. consumer, catalyzed by geopolitical easing rather than a sharp economic slowdown, is the standout necessary catalyst that could lead to new highs and the conclusion that the 5/20 low was The Bottom rather than A Bottom which could be tested in the weeks ahead,” he said in a note to clients.

the electric vehicle leader, rose in premarket trade after UBS upgraded the stock to buy from neutral while leaving the price target of $1,100 unchanged.

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