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Stocks drift higher at open, S&P 500 trades just under record

Tiger Newspress2021-06-09

(June 9) Stock futures traded flat on Wednesday as Wall Street appeared range-bound near record levels.

Futures tied to the Dow Jones Industrial Average rose 3 points. S&P 500 futures added nearly 0.2%, while Nasdaq 100 futures gained 0.4%.

Trading was quiet in the premarket though reopening plays like Carnival Corp. and American Airlines gained.

Meme stock maniawas set to continue Wednesdaywith day traders now focusing their attention onClover Health. The stock was up another 23% in premarket trading following an 85% rally on Tuesday amid explosive trading volumes.

Wendy’s, another name popular among Reddit traders, gained 25% Tuesday and was higher again in premarket trading Wednesday.

TheS&P 500and the blue-chipDowboth closed near the flatline on Tuesday. The broad equity benchmark is now just 0.3% below its record high of 4,238.04 reached on May 7. Investors await the next reading on inflation to gauge if higher price pressures are just temporary as the economy continues to rebound from the pandemic-induced recession.

“US stocks have largely been stuck in a range since mid-April and don’t seem likely to be breaking out anytime soon,” Edward Moya, senior market analyst at Oanda, said in a note. “Investors want to see how hot pricing pressures get and how much downside in equities will occur once the Fed’s taper tantrum begins.”

The consumer price index for May is set to be released Thursday. Economists are expecting the CPI to rise 4.7% from a year earlier, according to Dow Jones. In April, the CPI increased 4.2% on an annual basis, the fastest rise since 2008.

Many on Wall Street believe the latest meme stock episode should stay contained to a handful of names, unlike theGameStoptrading frenzy in January that had an impact on the broader stock market.

“Given the low risk of a broad contagion, we view the fallout of the recent short squeeze to be

limited,” Maneesh Deshpande, global head of equity derivatives strategy at Barclays, said in a note. “The current short squeeze is more localized probably because the number of stocks with high short interest has come down dramatically.”

On the data front, job openings in April soared to a new record high, with 9.3 million vacancies coming online amid the economic recovery.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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Comment21

  • Glades
    ·2021-06-10
    Like and comment pls
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    • TkAA
      Up
      2021-06-10
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  • All in Tesla
    ·2021-06-10
    A breakout soon
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  • Vomous
    ·2021-06-10
    Thanks
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  • GG21
    ·2021-06-09
    Tell me your opinion about this news...
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  • Piggu
    ·2021-06-09
    Like and comment pls 
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    • carroll
      like my comment too! Hehe
      2021-06-09
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    • BuzzyBee3
      Like n comment
      2021-06-09
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  • Clarewu
    ·2021-06-09
    Done
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    • Clarewu
      thanks
      2021-06-09
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    • Kaytyt
      NicE
      2021-06-09
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  • THOMAX
    ·2021-06-09
    Omg 
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  • Meshaarias72
    ·2021-06-09
    Wow
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  • Roxan
    ·2021-06-09
    [What] 
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  • Kel9670ong
    ·2021-06-09
    Ahhh
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  • Yhlim
    ·2021-06-09
    Please like and comment thanks 
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  • Junwei95
    ·2021-06-09
    Noicer
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    • CeciLi
      Ok
      2021-06-09
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  • sugizoi4u
    ·2021-06-09
    Today will be another flat day. Market is waiting for tomorrow’s CPI data
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  • blaCkbOx
    ·2021-06-09
    Comment n like pls
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    • Junwei95
      noicee
      2021-06-09
      Reply
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    • sugizoi4u
      Done
      2021-06-09
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  • jamjam
    ·2021-06-09
    Like and comment to get good luck
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    • blaCkbOx
      Ok
      2021-06-09
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  • Hopeful2345
    ·2021-06-09
    Like and comment please 
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    • Kernsion
      Done reply pls
      2021-06-09
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    • Hopeful2345
      Tks
      2021-06-09
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  • PapiChulo88
    ·2021-06-09
    Clover is a good buy now
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  • OO_898
    ·2021-06-09
    Like 
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  • GlennL
    ·2021-06-09
    let's go
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  • NanOo
    ·2021-06-09
    Today is green day?
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