U.S. stock futures are trading higher as Wall Street aims to recover from the previous day’s steep losses. Dow Jones Industrial Average futures have risen by 105 points, or 0.3%, while S&P 500 and Nasdaq-100 futures have climbed 0.4%. However, Costco’s shares fell 2% in premarket trading despite beating analysts’ expectations for the fiscal fourth quarter. On Tuesday, the Dow fell by 388 points, marking its worst day since March, while the S&P 500 declined 1.47% and the Nasdaq Composite slid 1.57%, following disappointing new home sales and consumer confidence data.
Market performance in September has lived up to its seasonal weakness, with the S&P 500 down 5.2%, the Dow down 3.2%, and the Nasdaq down nearly 7%. Blanke Schein Wealth Management’s chief investment officer, Robert Schein, expects continued volatility into October. However, he believes that the upcoming earnings season, starting in mid-October, could potentially serve as a catalyst to end the ongoing market correction. Economic reports scheduled for Wednesday include durable goods orders for August, with economists predicting a 0.5% decline, along with earnings reports from Paychex and Micron Technology.
Despite the previous day’s losses, U.S. stock futures are showing signs of recovery, with Dow Jones, S&P 500, and Nasdaq-100 futures all trading higher. However, Costco experienced a 2% decline in its share price during premarket trading, despite beating analysts’ expectations for its fiscal fourth quarter. The overall market decline on Tuesday was attributed to disappointing new home sales and consumer confidence data, which fell below economists’ estimates. September has proven to be a challenging month for the stock market, with the S&P 500 down 5.2%, the Dow down 3.2%, and the Nasdaq down almost 7%. Chief investment officer Robert Schein anticipates that volatility will persist throughout October, but the upcoming earnings season in mid-October could potentially lead to a market correction. On the economic front, durable goods orders for August are expected to show a decline of 0.5%, and earnings reports are anticipated from Paychex and Micron Technology.
