The Nasdaq Composite closed at a record Tuesday, its fourth straight positive session, while the S&P 500 stayed within reach of its own all-time high. U.S. futures ticked higher early Wednesday as oil and bond yields eased on hopes for potential de-escalation in the war between the United States and Iran.
The Nasdaq Composite gained 0.5% Tuesday, hitting a new all-time intraday high before closing at a record. It marked the index's fourth positive session in a row, driven largely by the same mega-cap technology names that have anchored the market's gains this year. The Dow Jones Industrial Average, by contrast, fell 0.4% in the same session.
S&P 500 lags but stays close to its peak
The S&P 500 finished marginally lower Tuesday and remains about 0.7% off its own record. The index has held near its highs for months even as higher oil prices, rising rates and a tiring consumer sector weighed on cyclicals, industrials and banks.
Futures edge up as oil and yields ease
S&P 500 futures added 0.12% and Nasdaq-100 futures rose 0.14% early Wednesday, as of 2:50 a.m. ET, while Dow futures were up 73 points, or 0.14%. Oil prices and bond yields eased on hopes for de-escalation in the war between the U.S. and Iran, after President Trump said U.S. and Iranian officials held a three-hour meeting at the United Nations General Assembly.
Strategist eyes 8,200 for the S&P 500
Brett Ewing, chief market strategist at First Franklin Financial Services, told CNBC he thought the S&P 500 could hit 8,200 before the year is through. Ewing said: "Our call at the beginning of the year was 8,000 on the S&P." The Cboe Volatility Index stood at 14.21, a level Ewing called low given the ongoing interest rate uncertainty and the conflict in the Middle East.
Source: CNBC
Trading involves risk.
Risk Disclaimer
