S&P 500 E-Mini Futures Market News and Commentary
What you need to know…
The S&P 500 Index ($SPX) (SPY) on Friday closed up +2.43%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +1.65%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +3.23%.
U.S. stock indexes on Friday recovered from early losses and posted moderate gains. A jump of more than +6% in Apple Friday led a broad rally in technology stocks after Apple reported that its sales rose +11% y/y to a record $123.9 billion in the fiscal first quarter, handily beating the consensus of $119.1 billion. Quarterly earnings thus far have been supportive for stocks, with 80% of the S&P 500 companies that have reported earnings so far have beaten estimates.
A decline in T-note yields Friday was also supportive for stocks. Stocks on Friday initially opened lower on concern about aggressive Fed tightening along with weaker-than-expected U.S. economic data.
Comments from Goldman Sachs Friday supported stocks when they said equities are still the bes... Read more