Nasdaq-100 Futures Surged 1%, S&P 500 Futures Rose 0.94%
Tiger Newspress2022-10-18
U.S. stock futures advanced on Tuesday. Nasdaq-100 futures surged 1%, S&P 500 futures rose 0.94%, and Dow futures jumped 0.78%.
Amid debate about when stocks might find a bottom, Morgan Stanley’s Mike Wilson wrote that the rout which took the S&P 500 to test a“serious floor of support”could lead to a technical recovery. The strategist, who’s one of Wall Street’s most-prominent bearish voices, said he “would not rule out” the measure rising to about 4,150. That’s 13% above current levels.
Still, Wells Fargo Investment Institute expects to see further challenges to company profits. “Our earnings estimates have been below the consensus for quite some time,” global strategist Gary Schlossberg said on Bloomberg Television. “We think that there’s still some further downward revisions to come.”
Elsewhere in markets, oil rose after Monday’s choppy session as investors weighed signs of a tight market against concerns over a global economic slowdown. Gold was steady and Bitcoin continued to traded below $20,000.
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