February 26, 2024

US index futures continue recovery thanks to labor market data via Investing.com

© Reuters

By Peter Nurse

Investing.com – Wall Street futures rose sharply in New York on Tuesday, continuing a broader rally from the previous session, as investors entered the final quarter of the year with cautious optimism.

At 08:28, the contract was up 368.8 points or 1.25%, the contract was trading 57.7 points or 1.95% higher and the contract was up 218.8 points or 1.95%.

Major stock indexes ended higher on Monday, with the blue-chip gaining more than 700 points, or 2.7%, for its best day since June 24. }} rose 2.6%, its strongest day since July 27, and gained 2.3%.

Stocks were helped by a fall in US Treasury yields following the release of weaker-than-expected data.

More central bank policymakers are scheduled to speak on Tuesday, and investors will read fresh jobs data for clues about the health of the job market ahead of the official announcement. From Friday..

According to S&P Global, third-quarter earnings will start coming in as October progresses, but fourth-quarter forecasts will be more important to the market’s future direction.

“As October brings earnings, Q3 estimates are already down 7%, and the numbers whisper little more than that,” S&P Global (NYSE: ) said in a note. “The guidance for the fourth quarter (rather than the actual number from the third quarter, when consumers were still spending) is the biggest concern, as consumers pull back, inflation continues and the central bank’s ‘adjustment’ will have a more substantial impact.”

Proceedings of Rivian Automotive (NASDAQ: ) rose more than 7% in premarket sales after the electric vehicle maker said it produced 7,363 vehicles in the third quarter, up 67% from the previous quarter, and keeping its annual target of 25,000 units.

Oil prices rose on Tuesday, extending the positive tone of the previous session as the market awaited Wednesday’s OPEC+ meeting amid expectations of a significant cut in oil production.

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, are scheduled to meet tomorrow, and there is speculation that the cartel will agree to a production cut of more than a million barrels a day.

The API releases its weekly estimate at 5:30 p.m.

At 8:32 a.m., WTI crude oil traded in New York was up 1.3% at $84.73 a barrel, while the London-listed contract was up 1.6% at $90. It was 23. Both benchmarks gained more than 4% on Monday, their biggest daily gains since May.

Additionally, the price of an ounce rose 0.58% to $1,711.80 and 0.64% to 0.9887.