On Thursday night, stock futures were mostly steady after a strong session that pushed major indexes to new heights. The Federal Reserve’s recent decision to lower interest rates has guided investor sentiment.
Futures linked to the Dow Jones Industrial Average rose by 80 points, nearly 0.2%. Similarly, S&P 500 and Nasdaq 100 futures increased by 0.1%. Notably, all three main averages closed at record highs during the day. The small-cap Russell 2000 index even jumped 2.5%, marking its first record close since 2021.
Aswath Damodaran, a finance professor at NYU’s Stern School of Business, commented on the market’s momentum, stating, “The market is being held afloat by the earnings numbers. As long as they keep coming in, there’s little reason for a correction.” He emphasized that the strong performance isn’t limited to just big tech companies but includes a wide range of stocks.
This surge follows the Fed’s decision to cut rates for the first time this year. On Wednesday, stocks fluctuated as investors processed the Fed’s choice and its economic predictions.
With Thursday’s gains, the Dow and S&P 500 are poised to wrap up the week 0.7% higher, while the Nasdaq Composite has climbed 1.5%, and the Russell 2000 has seen almost a 3% increase.
Interestingly, recent surveys show that many investors are optimistic about continued growth. A poll from the Pew Research Center found that 60% of Americans believe the economy is on the right track, a marked increase from figures early last year. This positive outlook may contribute to the upward trend in the stock market.
While no major economic reports or earnings announcements are scheduled for Friday, the current market sentiment suggests that many are holding onto hope for further gains in the weeks ahead.
For more insights on this topic, you can check out recent analyses from CNBC and Bloomberg.
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