Nasdaq Futures Climb, Buoyed By Positive Tech Tidings — But Macro, Geopolitical Concerns Temper Optimism

Early indications suggest a firmer, although cautious, start by Wall Street stocks as traders continue to contend with the uncertainties about the government reopening after the 16-day shutdown. The absence of any major government data due to the ongoing shutdown has also rendered the mood cautious. 

That said, earnings have provided an offsetting impact, with TSMC’s (TSM) stellar quarterly results confirming the strength relayed by Dutch semiconductor equipment maker ASML (ASML) on Wednesday. Transportation company JB Hunt’s (JBHT) strong third-quarter revenue augurs well for earnings from the industry.

As of 3:40 a.m. ET on Thursday, the Nasdaq 100 futures climbed 31% and the S&P 500 futures added 0.13%, while the Dow and Russell 2000 futures rose marginally.

On Wednesday, the major averages closed mostly higher amid volatility, although the 30-stock Dow Jones Industrial Average retreated modestly, with positive big bank earnings helping to assuage macro concerns. 

The SPDR S&P 500 ETF (SPY), an exchange-traded fund (ETF) that tracks the S&P 500 Index, and the Invesco QQQ Trust (QQQ) climbed 0.44% and 0.46%, respectively. The iShares Russell 2000 ETF (IWM) gained 0.98%, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) ended flat.

The economic calendar for the day is literally empty, while on the earnings front, Bank of New York Mellon (BK), Charles Schwab (SCHW), and KeyCorp. (KEY), Commercial Metals (CMC), M&T Bank (MTB), Marsh McLennan (MMC), Travelers (TRV), U.S. Bancorp. (USB), CSX (CSX) and Interactive Brokers (IBKR) are due to release their quarterly results.

Crude oil futures extended their rally, rising nearly 1% early Thursday, and gold’s record rally continues. The 10-year U.S. Treasury note yield slipped closer to the 4% mark. The U.S. dollar weakened early Thursday.  Most major Asian markets, except for Hong Kong and Malaysia, closed higher for the day, tracking Wall Street’s gain overnight.

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