"Futures on S&P 500 Fall as Investors Await Debt Ceiling Progress and Inflation Insights"
The composite Nasdaq index experienced a 1.7% increase during Thursday's session, surpassing expectations due to stronger earnings forecasts and higher revenues from Nvidia. This triggered a rally in semiconductor, artificial intelligence, and other technology stocks. Nvidia shares surged by 24.4% in a single session, reaching a record high.
The S&P 500 ended the day with a 0.9% gain, while the Dow slipped by 0.1%, partially attributed to a 5.5% decline in Intel shares.
Weekly, both the Dow and the S&P 500 incurred losses, dropping by nearly 2% and approximately 1% respectively. The Nasdaq showed a slight increase of 0.3%. Our robots were actively opening short positions yesterday, protecting against potential further declines, and are currently in a market-neutral position.
According to statements from Treasury Secretary Janet Yellen, investors continue to monitor news regarding the debt ceiling negotiations, with a potential default as early as June 1st. A Reuters report indicated progress was made on Thursday between congressional leaders and President Joe Biden, with interested parties needing to agree on expenses totaling $70 billion.
Investors will closely watch the release of new economic data on Friday, particularly personal consumer expenditures, considering their correlation with inflation dynamics. Data on personal income, consumer spending, sentiment, as well as durable goods, will also be published in the morning.
"In addition, significant profits have already been recorded on short positions for certain stocks. For instance, robots locked in a profit of over 4% on FUBOtv Inc. (FUBO, $1.6) shares yesterday, holding the position for one trading session."
The 10-day moving average for FUBO crossed bullishly above the 50-day moving average on July 15, 2024. This indicates that the trend has shifted higher and could be considered a buy signal. In of 13 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are .
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
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