Stock bulls are reluctant to apply more risky bets as analysts warn that rally is looking stretched
U.S. stock futures fell back from recent highs as bulls held their fire ahead of the release of Fed minutes later on Wednesday
How are stock-index futures trading On Tuesday, the Dow Jones Industrial Average DJIA rose 240 points, or 0.71%, to 34152, the S&P 500 SPX increased 8 points, or 0.19%, to 4305, and the Nasdaq Composite COMP dropped 26 points, or 0.19%, to 13103. The Nasdaq Composite is up 23.1% from its mid-June low but remains down 16.3% for the year-to-date.
“The index traded above its 200-DMA twice this year, once in early February, then late March, but couldn’t hold on to the gains and rapidly sold off,” noted Ipek Ozkardeskaya, senior analyst at Swissquote Bank. Before that, investors will get more clues as to the health of the U.S consumer. Following better-than-expected results on Tuesday from Walmart WMT and Home Depot HD , it is the turn of retailing peers Target TGT and Lowe’s LOW to deliver earnings.
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