Nike’s stock experienced a rally on Friday following the release of higher-than-expected earnings. The Dow Jones futures, S&P 500 futures, and Nasdaq futures remained unchanged early Friday morning. Investors are eagerly anticipating the release of the PCE price index, the Fed’s preferred inflation gauge, before the market opens. Additionally, they are awaiting a follow-through day next week to confirm the new uptrend in the stock market rally attempt.
Nine tech stocks, including Meta Platforms, Nvidia, and Uber Technologies, are being closely watched for potential investment opportunities. However, factors such as the PCE inflation report and a possible government shutdown have the potential to impact the market significantly.
Carnival, the cruise line operator, is expected to report its first quarterly profit since the beginning of the pandemic. This is a positive sign for the travel and tourism industry, which has been heavily impacted by the ongoing global health crisis.
The PCE price index for August is projected to rise by 0.5% compared to July, with an annual inflation rate of 3.5%. This data will provide further insights into the current state of inflation and its potential impact on the economy.
The stock market rally on Thursday saw gains across the board. The Dow Jones climbed 0.35%, the S&P 500 advanced 0.6%, and the Nasdaq composite rose 0.8%. Growth ETFs, such as the Innovator IBD 50 ETF and the iShares Expanded Tech-Software Sector ETF, experienced gains.
Two ETFs, the Industrial Select Sector SPDR Fund and the Financial Select SPDR ETF, also saw gains on Thursday. However, it is important to exercise caution in the market as the rally attempt has not yet proven itself.
Overall, the market is experiencing a mix of positive and uncertain factors. The performance of tech stocks, the PCE inflation report, and the possibility of a government shutdown are all significant factors to watch in the coming days. Investors should stay informed and make careful decisions based on market trends and developments.
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