Stock futures rise following upbeat economic outlook
Can the market rally without technology leading?
ICMA-RC Senior Vice President Wayne Wicker, Seventh Capital managing principal Monica Mehta and Moneymorning.com chief tech strategist D.R. Barton on whether the stock market can rally without the help of the technology sector and how President Trump’s tariffs have overshadowed the market.
U.S. stocks are modestly higher after Federal Reserve Chairman Jerome Powell gave an upbeat outlook for the economy and reinforced views that the Fed was on track to steadily hike interest rates.
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Dow Jones futures were rising by 0.10%. The S&P 500 added 0.10% and the Nasdaq Composite was up 0.03%.
Powell told Congress that strong economic growth and stable inflation should keep the central bank on track to gradually raise short-term interest rates. He added he wants inflation to stay around 2% and that the economy is "just shy" of hitting that point.
The Nasdaq Composite resumed its climb on Tuesday, hitting a fresh record after a brief hammering. As large cap tech turned the corner so did the S&P 500 and the Dow Jones Industrial Average, which both recouped earlier losses.
The Dow rallied 55.53 points to close at 25,119.89. The S&P 500 rose 11.12 points to 2,809.55. The Nasdaq was up 49.40 points at 7,855.12.
|I:DJI||DOW JONES AVERAGES||25119.89||+55.53||+0.22%|
|I:COMP||NASDAQ COMPOSITE INDEX||7855.1179||+49.40||+0.63%|
Netflix remained lower but off the worst levels of the session after the streaming giant's quarterly subscribers fell short of estimates.
Investors did engage in some profit taking after Goldman Sachs and UnitedHealth both exceeded analysts’ expectations on profit and revenue targets for the quarter.
In Asian markets on Wednesday, China’s Shanghai Composite Index gained 0.5%.
Hong Kong’s Hang Seng index rose 0.3%.
Japan’s Nikkei ended the day up 0.4%.
In European trading, London’s FTSE gained 0.40%, Germany’s DAX was up 0.54% and France’s CAC gained 0.35%.
FOX Business’ Thomas Barrabi contributed to this article.
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