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Share futures inch lower after Wednesday’s big market rally




Seek additional assets to diversify against equity risk, says Xponance CEO Tina Byles Williams

Stock futures were lower on Thursday morning after the Dow Jones Industrial Average made a comeback from its lowest level of the year.

Futures tied to the Dow Jones fell 22 points, or 0.07%, while S&P 500 and Nasdaq 100 futures fell 0.08% and 0.2%, respectively.

The overnight moves came after a broad rally for stocks as the Bank of England said it would buy bonds in a bid to help stabilize financial markets and the cratering British pound. Sterling has bowed to record lows against the US dollar in recent days.

It marked a sharp shift from the aggressive tightening campaign many global central banks have undertaken to tackle rising inflation.

In regular trading on Wednesday, the Dow gained 548.75 points, or 1.88%, to 29,683.74, while the S&P 500 rose 1.97% to 3,719.04, after hitting another bear market on Tuesday . Both indexes snapped a six-day losing streak. The Nasdaq Composite was up 2.05% to end at 11,051.64.

As stocks rose and the BOE shared its bond-buying plan, the yield on the benchmark 10-year Treasury fell the most since 2020 after a brief period of 4%.

“If the market had a negative sign ahead of it today, and not a positive sign, it wouldn’t surprise me,” said Liz Ann Sonders, Charles Schwab’s chief investment strategist. “The market is going to do what it does on any given day. You can try to point to what might have been behind it, but it’s just a parlor game. A lot of it is that the market got really oversold and buyers broke in .”

Wednesday’s rally spurred the major averages to post small gains for the week, but they remain on track to cap their worst month since June. The Nasdaq Composite leads the monthly losses, down about 6.5%, while the Dow and S&P are about to close 5.8% and 5.9% lower, respectively.

On a quarterly basis, the Nasdaq is on track to snap a two-quarter losing streak, while the Dow is headed for its third consecutive quarterly loss for the first time since the third quarter of 2015. The S&P is on track for its third negative result. quarter in a row for the first time since the negative six-quarter streak that ended in the first quarter of 2009.

Earnings continue on Thursday with results from Nike, Bed Bath & Beyond and Micron Technology. Initial jobless claims and more speeches from Federal Reserve leaders are also on the way.



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