Thursday morning saw a positive start for stock futures, following a brief pause in the recent market rally. S&P 500 futures rose by 0.5%, while Nasdaq 100 futures showed a gain of 0.66%. Additionally, Dow Jones Industrial Average futures climbed by 160 points, or 0.4%.
In postmarket trading, Micron experienced a surge of over 4% after surpassing Wall Street expectations for the first quarter of their fiscal year. The company also provided guidance for the current quarter that exceeded analysts’ consensus forecasts. Salesforce also saw a 2% increase in its stock value after an upgrade from Morgan Stanley.
These movements come after a day of losses on Wall Street, as investors decided to capitalize on recent gains. The S&P 500 experienced a decline of nearly 1.5%, marking its worst day since September. Similarly, the Dow and Nasdaq both slipped around 1.3% and 1.5%, respectively, resulting in their worst sessions since October. This decline interrupts nine-day winning streaks for both indices.
Nevertheless, these drops can be viewed as a temporary pause in the prevailing market rally. From their closing lows in late October until Tuesday, the Dow and S&P 500 soared more than 15%, while the Nasdaq Composite witnessed an impressive surge of approximately 19%.
Source (CNBC)
