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A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 30, 2023.
Brendan McDermid | Reuters
Stocks futures were flat in overnight trading after the S&P 500 notched its highest closing level of 2023.
The tail-end of earnings season pressed on with results from Dave & Buster’s and Stitch Fix. Dave & Buster’s gained about 4% after the bell, while Stitch Fix added nearly 5%.
Futures tied to the Dow Jones Industrial Average dipped 47 points, or 0.14%. S&P 500 futures and Nasdaq-100 futures were down 0.09% and 0.2% respectively on Wednesday.
Stocks edged higher during Tuesday’s regular trading session. The broad index added 0.24% to finish at its highest level since August 2022, while the Nasdaq Composite rose 0.36% to end at its highest close in 2023. The Dow Jones Industrial Average ticked 10.42 points higher, or 0.03%, pressured by health stocks Merck and UnitedHealth.
Seven major S&P sectors finished Tuesday’s session with gains. The financial sector added 1.3%, boosted by regional banking stocks and bellwethers like Goldman Sachs and Morgan Stanley.
Tuesday’s uptrend trailed last week’s blowout rally. However, continued modest gains instead of sharp pullbacks after a major upswing could signal more good news ahead, said Adam Sarhan, CEO of 50 Park Investments.
“The fact that it refuses to fall to me is extremely bullish,” he said. “Normally, after a big run up, you see a market pullback, and when the market doesn’t pull back and goes sideways, that to me is very bullish.”
A light period for economic data continues ahead of next week’s Federal Reserve policy meeting, with trade balance data due out before the bell Wednesday. Earnings from Campbell Soup and GameStop are also on deck.
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