Stock futures are little changed after the Nasdaq’s third winning day in a row

I think earnings are really the catalyst for the market, says Virtus' Joe Terranova

Stock futures were slightly higher early Wednesday as Wall Street looked to build on what has been a positive start to 2023 so far.

Futures linked to the Dow Jones Industrial Average ticked up 30 points, or 0.09%. S&P 500 futures and Nasdaq 100 futures were little changed.

The moves come after the Nasdaq Composite rose 1.01% on Tuesday to snap its first three-day winning streak since November. The S&P 500 and Dow rose 0.70% and 0.56%, respectively, and all three averages are positive for the young year.

The moves have marked a relief rally for riskier areas of the market, such as technology, but many investors remain cautious ahead of earnings season and further expected rate hikes from the Federal Reserve.

“I think it’s going to be a challenge to try to time when the Fed will eventually start cutting interest rates. There is some evidence that when interest rates start to come down from the Federal Reserve, there are better markets going forward. But whether it ends up staying in 2024 or the end of 2023, at least at this point, in mid-January, it’s just too difficult a situation,” said Matthew Palazzolo, senior investment strategist at Bernstein Private Wealth Management.

Wednesday has a light economic data schedule, but investors will prepare for a key inflation report on Thursday and big bank earnings on Friday.

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