US Stocks Could Open Narrowly Mixed After Tuesday's Chip Sell-Off, Bitcoin Heads To $68K, Oil Slips

FuturesPerformance (+/-)
Nasdaq 100+0.09%
S&P 500+0.02%
Dow-0.05%
R2K+0.49%

Cues From Last Session:

The S&P 500 and the Nasdaq Composite indices, which started higher, gave back their gains and fell sharply after ASML’s early earnings release. They languished below the unchanged line for the rest of the session before ending sharply lower, while the Dow was in the red throughout the session.

Healthcare stocks also pulled back strongly, while real-estate stocks ended firmer during the session.

Insights From Analysts:

Given the bull market has progressed beyond the second year, more gains could follow, according to Carson Group’s Chief Market Strategist Ryan Detrick. “Going back 50 years, if a bull market makes it past it’s 2nd birthday (like this one) that is a great sign many more years could be left in the tank,” he said.

“Five bull markets made it this far and the shortest was at least 5 years old when it ended,” he added.

See also: How To Trade Futures

Upcoming Economic Data:

  • The Labor Department is due to release its import and export prices report for September at 8:30 a.m. EDT. Economists, on average, expect 0.4% and 0.3% declines in export and import prices, respectively, following 0.7% and 0.3% declines in August.

Stocks In Focus:

Commodities, Bonds And Global Equity Markets:

Crude oil futures retreated, although the loss was much more modest than Tuesday’s, while gold futures rose modestly. Bitcoin (CRYPTO: BTC) rose past the $67.5 level, while the 10-year U.S. Treasury note slipped 2.6 points to 4.012%.

Most Asian markets declined, led by the Japanese market, although the Chinese and Indonesian markets notched up small gains. The tech sell-off seen in Europe and the U.S. dampened sentiment in the domestic markets.

European stocks were on the back foot in early trading but the U.K. market was seen advancing.

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