By CNBC (World News) | Created at 2024-09-24 22:20:30 | Updated at 2024-09-30 07:33:50
5 days ago
Traders work on the floor of the New York Stock Exchange during morning trading on September 23, 2024 in New York City.
Michael M. Santiago | Getty Images
Stock futures were calm on Tuesday evening as Wall Street looks to extend its September gains.
S&P 500 futures were little changed. Nasdaq 100 futures ticked up about 0.1%, and futures tied to the Dow Jones Industrial Average dipped 0.1%.
The moves come after the S&P 500 and Dow closed at record highs after gaining 0.25% and 0.20%, respectively. The Nasdaq Composite gained 0.56% and is less than 4% from its record high.
All three averages are on track for a positive September, though fears of a slowing economy still linger after last week's rate cut from the Federal Reserve.
Now that the central bank has begun to lower interest rates, the economy is becoming a bigger focus for investors.
"I'm a buyer of this rally until unemployment claims start rising, until earnings start declining, really until growth's a problem. And I think we're going to see a really volatile market between those growth and slowdown narratives until that time," Lauren Goodwin, chief market strategist at New York Life Investments, said Tuesday on CNBC's "Closing Bell."
Upcoming economic data includes new home sales for August, due out on Wednesday morning, and weekly jobless claims on Thursday.
Investors will also be paying close attention to commentary from companies, especially as earnings season ramps up early next month.
"We're just starting to head into … the Q3 earnings season, and I think that will be as important if not more to what happens to stocks going forward as what happens with the Fed and with interest rates," Certuity chief investment officer Scott Welch told CNBC.
S&P 500 futures open flat
Stock futures were little changed at 6 p.m. in New York, with S&P 500 futures hovering near the flat line.
— Jesse Pound
Market could be due for an ‘everything rally,’ says EMJ Capital’s Eric Jackson
The market could be in store for even more growth ahead, according to EMJ Capital's Eric Jackson.
"We could be in for an everything rally," the firm's founder and president told CNBC's "Money Movers" on Tuesday. "It's not just small-cap tech, although that will participate, it'll be the Mag Seven, it'll be other stuff too."
In terms of where he sees opportunities, Jackson said he likes Tesla especially, believing it could be a beneficiary of China's new economic stimulus measures. The stock has soared more than 14% in the past one month and more than 38% in the past three months.
"I just don't think they have gotten the credit to this point for being an AI play that they will," he said, adding that he thinks the rally will continue.
— Sean Conlon
