Traders on the floor of the NYSE, May 17, 2022.
Source: NYSE
Stock futures were little changed in overnight trading as the S&P 500 attempted to break a seven-week losing streak.
Dow Jones Industrial Average futures fell about 25 points. S&P 500 futures were flat and Nasdaq 100 futures were slightly higher.
Retail business profits continued after the market closed on Thursday. Ulta Beauty shares rose more than 6% post-market after better-than-expected quarterly results, while Gap fell about 13% after it cut its profit forecast.
The post-trade moves came after stocks gained in Thursday’s regular session. The Dow Jones rose for a fifth straight trading day, adding more than 500 points, or 1.6%. The S&P 500 climbed about 2% and the Nasdaq Composite almost 2.7%.
A batch of strong retail sector earnings boosted market sentiment on Thursday. The SPDR S&P Retail ETF gained more than 4%. Macy’s, Williams-Sonoma, Dollar Tree and Dollar General were among the leaders.
All three indices are on track to end the week higher. The Dow is up 4.4%, the S&P 500 is up 4% and the Nasdaq Composite is up 3.4% on the week.
Still, averages are well below their highs, with the Nasdaq Composite solidly in bearish territory and the S&P 500 briefly dipping more than 20% below its all-time high last week.
The Nasdaq after Thursday’s close is down 27.6% from its all-time high, while the S&P 500 and Dow are down 15.8% and 11.7%, respectively.
“We think there’s a good chance for a bit more strength here. This is sort of a classic bear market rally or rebound,” chief strategist Troy Gayeski said Monday. of the market for FS Investments, to CNBC’s “Closing Bell: Overtime.” “Inflation expectations have turned around recently.”
On Friday, investors will watch economic data releases, including personal income, consumer spending and core personal consumption expenditure.
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