TMN - wall street

Wall Street futures notch a higher turn on Monday

On June 27, Wall Street stock futures traded in the positive territory, following last week’s significant rebound from steep declines.

The Dow Jones Industrial Average contracts added 0.12% or 39.00 points as the S&P 500 gained 0.26% or 10.25 points. At the same time, the Nasdaq Composite counterpart rose 0.56% or 68.00 points.

Accordingly, these moves followed a major comeback week that saw the Dow jump more than 800.00 points, or 2.70%. Then, the S&P 500 increased 3.10%, and the Nasdaq soared 3.30%.

Investors continue to contemplate whether Wall Street has found a bottom or they briefly recovered from oversold conditions. Correspondingly, stocks could continue to get a lift in the near term as traders rebalance their holdings for the quarter-end.

Strategists explained that Wall Street is currently trading sideways amid mounting inflation, subdued sentiment, and upbeat earnings.

On the economic data front, the United States’ new home sales data posted at 696,000 in May, surpassing the analysts’ consensus of 588,000. At the same time, it advanced from 629,000 in April as units rose in the West. However, analysts expected the higher house prices and mortgages to weigh on sales in the next months.

Wall Street investors brace for more pain

Meanwhile, the Wall Street investors are still worried about the trend of the stocks in the second half of the year. They explained that steep rebounds often follow sharp falls in shares in the past years. Moreover, experts remained cautious about the US stock market.

This week, traders looked forward to the release of the latest reading of durable goods orders. Then, they anticipated the annual core PCE inflation, the Fed’s preferred metric, to ease to a six-month low.

Meanwhile, Wall Street projected the ISM Manufacturing PMI (purchasing managers index) to print the slowest growth in factory activity since July 2020.

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