US Stocks drop for the fourth time in five days – Nairametrics

US Stocks drop for the fourth time in five days – Nairametrics

U.S. stock futures traded flat at most of Asia’s trading session on Thursday. This is following a surge during market hours at the U.S trading session on Wednesday, with Apple returning to its $2 trillion market capitalization.

Futures for the Dow Jones Industrial Average dropped by 0.1%. S&P 500 futures and the Nasdaq 100 futures also recorded similar drops.

The calmness seen in U.S Futures follows a broad rally for the market yesterday, with the S&P 500 gaining as high 2% for its best day since June.

READ: China publicly presents its COVID-19 vaccines, 2 doses to cost below $146

The Nasdaq Composite rose 2.7% to pull itself out of correction territory after a sell-off for major tech stocks drove a sharp sell-off in three straight sessions.

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Some of the stocks hardest hit during the recent slide saw more dramatic pops. Shares of Tesla, fresh off its worst day on record, rose nearly 11%. Tech giant Apple gained 3.99% to bring its market cap back to $2 trillion after its shares closed at $117.32.

READ: Nigerian Stocks snap 7-year losing streak to post first gain in August

Quick fact: American Stock futures are simply standardized contracts that global traders use in purchasing or selling the U.S stocks at a future date. This means that the U.S stock futures give an insight into what global investors see before the market opens, or after it closes.

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Stephen Innes, Chief Global Market Strategist at AxiCorp, in a note to Nairametrics, spoke on the macros at the world’s largest equity market.

“In a classic case of weak hands selling out to strong hands, and after retail got taken to the cleaners skimming off an enormous level of froth, US equities recovered overnight as the S&P rose 2.0% with a bounce in tech stocks helping the NASDAQ to fare better, up 2.7%.

READ: The world’s most profitable company keeps delaying its IPO 

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“But since investors have not yet mustered up the courage to fill the Tuesday Nasdaq gap, it suggests the tech sector aftershocks are still reverberating and keeping the Wall of Money sidelined in one of the most interconnected market momentum shifts in some time.

“Some good news on the US labor market front as US Job Openings and Labor Turnover Survey (JOLTS) for July was again ahead of expectations – with 2.5 unemployed persons per job opening. That is well below the recent 4.6 peaks in April, although still three times the pre-virus level.”

It should be noted that stock traders will be greeted with massive economic reports today, including the ECB decisions on the Interest rate.


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