Nasdaq Futures Indicate Subdued Start for Wall Street This Week
- Shams ul Zoha
- February 6, 2023
- 7:01 pm
WHAT YOU SHOULD KNOW
- The US economy added 517,000 jobs in January, exceeding economist estimates.
- ANZ Research stated that wage growth needs to slow further for the Fed to remain hawkish.
- Faraday Future Intelligent Electric Inc., Catalent Inc., Activision Blizzard Inc., and Pinterest Inc. are set to release their quarterly results.
Nasdaq Futures are indicating a subdued start for Wall Street this week, with the SPDR S&P 500 ETF Trust and the Invesco QQQ Trust Series 1 down 0.8% and 1.05% respectively in pre-market trading. The key highlight this week is the speech by Federal Reserve Chair Jerome Powell at the Economic Club of Washington on Tuesday. Last week, the Labor Department reported the US economy added 517,000 jobs in January, which exceeded economist estimates.
This led to major Wall Street indices closing in the green, but investors and traders took the opportunity to book profits towards the end of the week after the jobs data release. The Nasdaq Composite gained 4.3%, the S&P 500 Index rose 2.15%, while the Dow Industrials closed slightly higher.
ANZ Research stated that although wage growth has eased, it needs to slow further. The central bank anticipates ongoing increases in the target range to be appropriate, and with the labor market remaining tight, the Fed is likely to remain hawkish with its guidance. On the commodity front, crude oil futures are trading higher, with West Texas Intermediate futures up 0.83% and Brent Crude April futures up 1.14%. The yield on the 10-year US Treasury is up 0.08 bips at 3.612%. European stocks opened lower, with the UK, German, and French markets retreating notably.
Faraday Future Intelligent Electric Inc. saw a surge of 28% in pre-market session after announcing a major financing commitment. Catalent Inc. shares soared over 18% in pre-market session, ahead of its earnings report on Tuesday. Activision Blizzard Inc. and Pinterest Inc. are scheduled to release their quarterly results on Monday.
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