Merck grows as govt looks to buy COVID treatment.
On Wednesday, the US stock indexes were expected to run slightly higher, although a lack of fresh catalysts held competition slow, with investors awaiting clear cues from inflation data this week and an upcoming meeting at the Federal Reserve.
The purchase of so-called meme stocks by small time retail investors continued with the new social media favorite Clover Health climbing 21.4% in public trade on Tuesday after 85% to a new high.
GameStop - the company most closely associated with the retail rally this year - increased 1% in quarterly results after bell bell.
It is going to be high and the participation is good, but there remains a risk of high speculation and market manipulation within these meme stocks, said Rob Sechan, managing partner and co-founder of NewEdge Wealth.
Major banks such as Goldman Sachs, Citigroup and Morgan Stanley dropped between 0.2 and 0.7%, as US Treasury yields hit a more than one month low.
From huge gains in the stocks of heavyweight technology, notably the FaANG group of firms, was anticipated to give Nasdaq a small boost.
Wall Street indexes have moved little this week amid a lack of information, with most investors sticking to the sidelines ahead of key inflation data on Thursday.
I think we are going to stay in a grinding pattern for some time now with investors trying to figure out if inflation is to be more transient or more persistent, said Sechan of NewEdge Wealth.
The Fed meeting next week is also expected to shed more light on the government's policy on tapering. While the economy has grown in recent months, a bullish labor market is expected to keep the bank positive.
S&P 500 E-minis were up 4.232 % at 5,232 points at 08:13 a.m. Dow E-minis were up 1 point, while Nasdaq 100e-minis were up 44.5 points or 0.32%.
A strong earnings season saw Wall Street before May to record highs with analysts suggesting markets had taken a pause after their gains in recent weeks.
U.S. - listed Chinese stocks showed little reaction to a sweeping package of legislation intended to bolster the United States' ability to compete with Chinese technology, even as the move drew criticism from China.
It fell 8% following the reporting of earnings below expectations and reduced its full-year earnings forecast due to higher costs.
The drugmaker Merck Co rose 0.7% after it said the U.S. government had agreed to buy about 1.7 million courses of the experimental COVID - 19 drug molnupiravir for $1.2 billion if it is authorized in the country. Where can I find the best way to describe myself?