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Stock futures edged higher on Thursday as investors sought to regain ground following a series of losses in the S&P 500 and the Nasdaq Composite.
With more than 11% of S&P 500-listed companies having reported earnings, early indications suggest a positive earnings season. Over 72% of companies that have disclosed their results so far have exceeded Wall Street’s expectations, according to data from FactSet.
Thursday’s market activity follows a string of losses, with both the S&P 500 and the Nasdaq Composite posting their fourth consecutive declining sessions, a trend not seen since early January. Technology stocks, including Nvidia, contributed to the downward pressure, while the Dow Jones Industrial Average recorded its seventh decline in eight sessions.
The recent downturn adds to a challenging second quarter for Wall Street, with all major indexes showing losses thus far in April. This contrasts sharply with the strong performance witnessed in the first quarter. Additionally, the Dow, S&P 500, and Nasdaq have all closed below their respective 50-day moving averages.
Michael Landsberg, Chief Investment Officer of Landsberg Bennett Private Wealth Management, commented on the market’s recent decline, attributing it to diminished expectations of interest rate cuts. Landsberg noted that investors are capitalizing on profits following the robust market performance observed in the first quarter.
As investors navigate market fluctuations, they continue to monitor earnings reports and economic indicators for signals of future market direction.
