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US Stocks Set To Open Flat After Hot 7-Day Rally: Traders Sharpen Focus On Powell's Speech, Disney Earnings

Stock futures indicate a subdued opening on Wednesday after several consecutive gains in major averages. Traders are eagerly awaiting Federal Reserve Chair Jerome Powell’s speech for insights into possible rate cuts. Media earnings, including Walt Disney Co. (NYSE:DIS), take center stage in the earnings news today. Bond yields remain stable, reflecting the dovish messages from Fed officials.

Cues From Tuesday's Trading: U.S. stocks extended their winning streak on Tuesday as traders hoped for an end to the Fed’s rate-hike campaign. The optimism is reflected in the pullback in bond yields, with the 10-year Treasury note ending at its lowest since Oct. 11.

The averages opened on a mixed note but turned uniformly lower in early trading. They then cut their losses and advanced through the morning session before going about a consolidation move in the afternoon.

The S&P 500 and the Nasdaq Composite had their longest winning streak since November 2021, with the former up in each of the past seven sessions. The tech-heavy Nasdaq Composite is on an eight-session winning run. The three indices are now at their highest level since Sept. 20.

Small caps continued to come under pressure and closed lower for the day.

Among S&P sectors, IT and consumer discretionary stocks gained ground, while communication services stocks also saw moderate buying interest. On the other hand, energy, material, utility, and real estate stocks declined sharply.

US Index Performance On Tuesday

Index Performance (+/-) Value
Nasdaq Composite +0.90% 13,639.86
S&P 500 Index +0.28% 4,378.38
Dow Industrials +0.17% 34,152.60
Russell 2000 -0.28% 1,733.15

Analyst Color: ...

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