Wall Street's Mixed Mood as Tech Stocks Show Resilience

On October 10, 2024, Wall Street exhibited a see-sawing mood as index futures indicated a marginally lower start following a tech-led rebound the previous day. Nvidia Corp. showed positive movement in premarket trading, alongside other major tech stocks. The Federal Reserve's upcoming September rate-setting meeting minutes and various Fed officials' speeches were anticipated to influence market sentiment. Additionally, traders were keeping an eye on Hurricane Milton's landfall in Florida and key earnings reports expected in the next two sessions, which could provide insights into the current reporting season's trajectory. The SPDR S&P 500 ETF Trust and Invesco QQQ ETF experienced slight declines in premarket trading, reflecting the cautious sentiment among investors. Despite this, the S&P 500 Index has seen a significant increase of 61% during the current bull market, which has lasted for over five years. Analysts suggest that the bull market may continue for several more years, with potential for further gains. Economic data releases were scheduled for the day, including the wholesale inventories report and the auction of 10-year Treasury notes. The Federal Open Market Committee was also set to release minutes from its recent meeting, which could provide further clarity on monetary policy direction. Meanwhile, Asian markets faced challenges, particularly in China, where the Shanghai Composite fell sharply due to a lack of stimulus announcements. Overall, the mixed signals from various markets and economic indicators suggest a complex landscape for investors as they navigate the current financial environment.