S&P 500, Nasdaq100 Snap Week Long Rally – Sentiments Still Bullish
Jan, 11th 15:26
On Wall Street, U.S. stock futures pointed to a slightly higher open. The S&P 500 and Nasdaq snapped a six-day winning streak on Wednesday, as investors fretted over the possibility of China halting its Treasury bond purchases.
“As the day wore on, Treasury yields started to move lower on the realization the story doesn’t have any legs. That’s definitely helped equities. There’s no way on earth the Chinese stop buying U.S. Treasuries,” said Robert Pavlik, chief investment strategist, SlateStone Wealth in New York.
The China report put the S&P and the Nasdaq on track to snap a six-day run of record closing highs as investors worried that the market was overdue for a correction.
Today’s U.S. calendar features top-tier U.S. data on inflation. The Commerce Department will publish producer price inflation figures for December at 8:30AM ET (1330GMT).
Analysts expect wholesale prices have risen 0.2% last month, underlining the view that price pressures in the production pipeline are firming up gradually.
NASDAQ100 is trading in the positive zone on the technical charts. The RSI is at 73.12 and the MACD is above the signal line.
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