Traders at the New York Stock Exchange are navigating a mix of hopes and concerns in the market. Dow futures saw a slight uptick, gaining 36 points, while tech-heavy Nasdaq futures dropped nearly 0.4%. This comes after a tough day for major averages, with the S&P 500 down 1.2%, the Nasdaq Composite falling 2%, and the Dow losing 251 points.
One major factor influencing the market is Palantir Technologies. Despite surpassing expectations for the third quarter, the company’s stock fell by about 8%. Investors are wary, concerned that Palantir’s valuation—more than 200 times its forward earnings—might be too high.
However, not everyone is pessimistic. Liz Young Thomas, head of investment strategy at SoFi, remains optimistic. She noted that while there are concerns about overvaluations, the long-term outlook for tech stocks, especially in artificial intelligence, remains strong. “I think the chase for quality tech stocks is still very much alive,” she said during her appearance on CNBC.
On the economic front, eyes are on the upcoming ADP private payrolls report, an important gauge for job growth. Alongside this, data on weekly mortgage applications and ISM services is also on the horizon.
In other news, McDonald’s is set to release its earnings report on Wednesday. Interestingly, about 82% of S&P 500 companies that reported so far have exceeded expectations, hinting at a potential overall growth rate of over 12% for the index.
As markets continue to fluctuate, investors are seeking clarity on these developments. Tracking trends and expert insights can help navigate these uncertain waters. For more updates, you can refer to FactSet.
Source link
Breaking News: Markets,Stock markets,Markets,United States,business news
