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Dow Futures Rise 410 Pts; Rebound Continues Ahead of JOLTs Data

Stock Markets Oct 04, 2022 07:00AM ET
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By Peter Nurse    

Investing.com -- U.S. stocks are seen opening firmly higher Tuesday, continuing the previous session’s broad rally as investors enter the year’s final quarter with a degree of cautious optimism. 

At 07:00 ET (11:00 GMT), the Dow Futures contract was up 410 points, or 1.4%, S&P 500 Futures traded 62 points, or 1.7%, higher and Nasdaq 100 Futures climbed 230 points, or 2.1%.

The main equity indices closed sharply higher Monday, with the blue-chip Dow Jones Industrial Average gaining over 700 points, or 2.7%, its best day since June 24. The broad-based S&P 500 rose 2.6%, its strongest day since July 27, and the Nasdaq Composite gained 2.3%.

Stocks have been helped by the fall in U.S. Treasury yields after the publication of weaker-than-expected manufacturing data, raising hopes that the Federal Reserve will ease back on its monetary tightening as economic growth slows.

There are more Fed policymakers due to speak Tuesday, and investors will also study new data from the Job Openings and Labor Turnover Survey for clues about the health of the labor market ahead of Friday’s keenly-anticipated official jobs report.

Third quarter earnings are about to start rolling in as October progresses, but fourth quarter forecasts will be far more important to the market’s future direction, according to S&P Global.

“October brings earnings, with Q3 estimates already declining 7%, and the whisper numbers a bit more than that,” S&P Global (NYSE:SPGI) said, in a note. “The larger concern (than the actual numbers for Q3, when consumers were still spending) is the guidance for Q4, as consumers have pulled back, inflation continues and the Fed’s 'adjustments' will have a more substantial impact.”

Rivian Automotive (NASDAQ:RIVN) stock jumped over 7% premarket after the electric vehicle maker said it produced 7,363 vehicles in the third quarter, 67% higher than the preceding quarter, and maintained its full-year target of 25,000 units.

Oil prices edged higher Tuesday, extending the previous session’s positive tone as the market looks forward to Wednesday’s OPEC+ meeting amid expectations of a substantial cut in crude production.

The Organization of the Petroleum Exporting Countries and allies, together called OPEC+, are scheduled to meet tomorrow, and speculation is rife the cartel will agree to an output cut of more than one million barrels a day. 

The American Petroleum Institute unveils its weekly estimate of U.S. crude stocks later in the session.

By 07:00 ET (11:00 GMT), U.S. crude futures traded 0.8% higher at $84.27 a barrel, while the Brent contract rose 1% to $89.70. Both benchmarks gained more than 4% on Tuesday, the largest daily gain since May.

Additionally, gold futures rose 1% to $1,718.55/oz, while EUR/USD traded 0.7% higher at 0.9895.

 

Dow Futures Rise 410 Pts; Rebound Continues Ahead of JOLTs Data
 

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Comments (12)
Chad Richer Than You
Chad Richer Than You Oct 04, 2022 10:18AM ET
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As Chad & Co corners the shorts 🤏🤏
Naresh
Naresh Oct 04, 2022 10:03AM ET
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trap for new investor
Naresh
Naresh Oct 04, 2022 10:03AM ET
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trap for new investor
Naresh
Naresh Oct 04, 2022 10:03AM ET
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trap for new investor
Dave Jones
Dave Jones Oct 04, 2022 9:46AM ET
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Bad news is good news.
Mitchel Pioneer
Mitchel Pioneer Oct 04, 2022 9:27AM ET
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Weeks of losses magically vanish in two days.  It's yet another miracle in the US Ponzi Scheme, BIGGEST INVESTMENT JOKE IN THE WORLD.
Tiberius Augustus
Tiberius Augustus Oct 04, 2022 9:27AM ET
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So true
First Last
First Last Oct 04, 2022 9:27AM ET
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So false.  SPX is back up to Sep 23rd level.  That's not "weeks", nor magic nor miracle.
lakes Tenn
lakes Tenn Oct 04, 2022 9:27AM ET
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for sure not policy. feds action slowly taken effect. 3950 bump and then things get ugly
Emanuel Dabah
Emanuel Dabah Oct 04, 2022 9:14AM ET
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Stock market will slump more 30% by end year
lakes Tenn
lakes Tenn Oct 04, 2022 9:14AM ET
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after new year. we have the election manipulation now and the holiday bump. then watch out below
First Last
First Last Oct 04, 2022 9:14AM ET
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lakes Tenn   "now" and "holiday bump" is BEFORE New Year.
James Wills
James Wills Oct 04, 2022 9:14AM ET
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JOLTs could be 1m or 100m, I reckon the market will behave the same way today - "Soars on Job opening numbers" or "Shrugs off Job opening numbers".
Gamer Turtle
GamerTurtle Oct 04, 2022 9:13AM ET
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coordinated trading between all the big players so there is no one with decent size pocket playing the other way. it's very casual day in the stock market where suddenly overnight, sometime even at a particular min around 2PM, that the entire market moves 1 way nonstop with no news. lol.
Kris Jay
Kris Jay Oct 04, 2022 9:01AM ET
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Williams 10/3/2022 - doesnt sound like a fed pivot any time soon. "There are other factors in our favor. First, the Fed's commitment to achieve and sustain 2 percent inflation is a now bedrock principle. This was not always the case. It's only been 10 years since the FOMC defined 2 percent inflation as its longer-run goal.7 This transparency about our objectives provides a "North Star" for policy decisions and communications. It likewise improves the public's understanding of our goals and actions."
 
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