Futures linked to the DOW JONES lost 0.05% to 39,116 points, while those of the S&P 500 fell 0.07% to 5,469 points. NASDAQ 100 futures are flat at 19,784 points.
Wall Street is coming off an uneven session yesterday, Thursday. The S&P 500 went from more to less and after reaching historic intraday highs of 5,505.53 points, it finally closed with a decrease of 0.25%. Same case for the technological Nasdaq, which went from highs to close with a fall of 0.79%. In contrast, the DOW JONES rose 0.77%, or almost 300 points, on what was its best day in the last month.
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Through Thursday’s close, the three major New York indices are on track to post weekly gains. The S&P 500 gained approximately 0.8%, while the Nasdaq rose 0.2%. The Dow Jones is the best performer, up 1.4% so far this week.
On the macro agenda this Friday, investors will be attentive to the readings of the June Manufacturing and Services Purchasing Managers’ Index (PMI). Existing home sales data for May is also scheduled to be released.
Both the Nasdaq and the S&P 500 are being greatly conditioned by the stock market behavior of the large technology giants, especially NVIDIA. Yesterday the semiconductor manufacturer, which surpassed Microsoft in market value on Tuesday, registered a drop of 3.5%. However, it continues to rise more than 160% in the year.
Tech stocks may soon experience a pullback, warns Nuveen’s Saira Malik. “The technical aspects and the flows towards technology … make them seem overbought in the short term,” she says in statements to CNBC. “Relative strength indicators show that technology is overhyped right now, so I wouldn’t be surprised to see a pause in the nearer term.”
However, Malik still sees potential in NVIDIA. “NVIDIA is definitely becoming the tail that wags the dog,” he notes before adding that it’s not an expensive stock compared to the broader semiconductor industry. “It’s just not a stock you’re paying a lot for.”
In other protagonists of the morning, Sarepta Therapeutics, a pioneer in genetic medicine, soars almost 35% in the pre-opening after receiving expanded approval from the FDA for its drug ELEVIDYS.
The drug can now be used in patients aged 4 years and older who suffer from Duchenne muscular dystrophy (DMD), a specific genetic mutation. The FDA has granted full approval for the use of ELEVEDYS in patients with DMD who can walk and conditional approval for patients who cannot walk. Continued approval for non-ambulatory patients will depend on more research confirming the drug’s benefits.
Investors must also take into account that today is the last day before the changes to the composition of the S&P 500 that will take effect on Monday, June 24. CrowdStrike (cybersecurity company), KKR (venture capital) and GoDaddy (Internet domains) will be added to the index. They will replace Robert Half (HR consulting), Comerica Inc (financial services) and Illumina (human genome analysis).
In raw materials markets, oil prices remain unchanged today but are on track to rise for a second week amid signs of improving demand and falling oil and fuel inventories in the US, the largest consumer of oil. oil of the world.
US West Texas futures lost a slight 0.05% to $81.25 per barrel, while European benchmark Brent futures fell 0.08% to $85.64.
Prices have risen about 5% this month to hit their highest level in more than seven weeks. “The seasonal increase in demand, as shown by the latest EIA data, the renewed confrontation between Israel and Hezbollah and the hurricane season could maintain price strength into the summer,” Citi analysts warn in a note. .
The euro fell 0.19% against the dollar, leaving the exchange rate at 1.0683 dollars for each single currency.
In fixed income, bond yields are falling as investors digest the latest macro references, which send signals that the economy is slowing. The yield on the two-year bond drops two points to 4.23%, while the two-year bond pays 4.709%.
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