Nasdaq 100 E-Mini Futures Market News and Commentary
What you need to know…
The S&P 500 Index ($SPX) (SPY) Wednesday closed down -0.39%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.19%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.56%.
Stocks on Wednesday gave up early gains and closed lower. Weakness in energy stocks weighed on the overall market as crude prices fell more than -4% to a 5-month low. Stocks Wednesday initially moved higher after a smaller-than-expected increase in Nov ADP employment bolstered speculation the Fed is done raising interest rates and will begin cutting them next year. Stocks also found support on today’s reports that showed U.S. Q3 nonfarm productivity was revised higher and Q3 unit labor costs were revised lower, dovish factors for Fed policy. In addition, U.S. stocks garnered carryover support from Wednesday’s rally in the Euro Stoxx 50 to a 16-year high as European stocks rallied on speculation that the ECB will also begin cutting interest rates early next year. Read more