S&P 500 WOBBLY ON PMI AND JOBLESS CLAIMS
S&P 500 futures are currently trading at 2925.25-lower by 0.20% as compared to the previous close. The index Futures, however, closed in positive territory in the last trading session.
In the cash markets, the benchmark index edged down 0.034% to 2,923.45 at the time of writing.
U.S. equities traded higher earlier today on hopes the Fed Chairman will confirm expectations of easier monetary policy at the annual Federal Reserve symposium in Jackson Hole.
U.S. Federal Reserve Chairman Jerome Powell will speak at Jackson Hole Economic Policy Symposium at 14:00 GMT on Friday. Investors will parse through the speech for clues on future monetary policy.
Stocks of Nordstrom surged 14.85% after the company reported quarterly revenue and earnings that exceeded market expectations.
Stocks of Boeing rose 4.16% after reports that the company is looking to increase the production of its grounded 737 MAX jets as early as October.
On the other hand, MasterCard dropped 0.47% after it disclosed that it was investigating a data breach of a loyalty program in Germany, which compromised personal information.
Stocks of L Brands plunged 6.09% after the company posted second-quarter results on Wednesday that missed market expectations.
The benchmark index recorded 32 new 52-week highs and 4 new lows.
A private survey released earlier today showed that U.S. manufacturing activity in August contracted for the first time in almost a decade. The Preliminary reading of Manufacturing PMI came in at 49.9. The PMI reading was below the consensus estimates of 50.5.
In addition, Initial Jobless Claims released earlier today fell to 209K in the week ended 17th August from 221K in the week prior. It was the lowest reading of Jobless Claims in four weeks. Claims figure was also below the market expectation of 216K.
On the technical front, the RSI is currently at 49.93% and suggests that the market can continue trading sideways. The current price is below the MA50. The current price is above the middle line of the Bollinger bands but is heading downwards.
Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Take Profit targets.
Trade Suggestion-Limit Sell At 2935, Take Profit At 2918 Stop Loss At 2944