The stock market opened strongly Thursday with hopes growing that the Federal Reserve is done raising rates this year. Tech stocks, led by Meta’s (META) post-earnings rally, got a boost. Nasdaq 100 futures soared 1.2%, while S&P 500 Futures rose 0.6%. Dow Jones Industrial Average futures rose 0.1% as it looks to extend its remarkable 14-session winning streak, the longest in more than a century. Investors are closely watching economic data and a busy day of earnings reports, including earnings results. McDonald’s (MCD), Mastercard (MA), Southwest (LUV), Fordand Intel (INTC).
The stock market showed signs of strength Thursday as investors welcomed the possibility that the Federal Reserve will not raise rates again this year. Tech stocks, in particular, received a significant boost thanks to Meta’s impressive post-earnings performance.
Futures on the tech-heavy Nasdaq 100 rose 1.2%, boosted by a notable rally in Facebook parent company Meta after its second-quarter earnings exceeded Wall Street estimates.
S&P 500 futures also rose 0.6%, and investors are preparing for a busy day of earnings announcements. Meanwhile, Dow Jones Industrial Average futures gained just 0.1%, aiming to extend its winning streak to 14 sessions, which would be the longest in more than a century.
While the recent interest rate hike by the Federal Reserve on Wednesday was widely expected and did not cause major disruption, investors remain focused on the timing of the next increase. Federal Reserve Chair Jerome Powell clarified that no decision has yet been made on a possible rate hike in September, the next meeting, raising optimism that there might not be any more rate hikes this year.
The market will closely monitor economic data due later on Thursday as Powell emphasized that the central bank will use this information to guide its policymaking decisions. Upcoming data includes readings on GDP, personal consumption, jobless claims and pending home sales.
Additionally, Thursday comes packed with a busy schedule of quarterly earnings reports, including the highly anticipated results from McDonald’s (MCD), which are expected to show a strong increase in sales. Other key highlights include Mastercard (MA), Southwest (LUV), Ford (F), and Intel (INTC).
Overall, the stock futures market saw a positive rise on Thursday, with tech stocks leading the way thanks to Meta’s impressive earnings performance. Nasdaq 100 futures were up 1.24%, S&P 500 futures were up 0.58% and Dow Jones Industrial Average futures were up 0.08% before the opening bell.
Also read: Live News Coverage: Wall Street Faces Mixed Earnings Reports, Previews Fed Rate Decision