A maid rides past the New York Stock Exchange (NYSE) on July 13, 2020 at Wall Street in New York City.
Johannes Eisele | Getty Counterparts
U.S. stock futures rose slightly on Thursday evening as the market indexes tried to avoid a fourth consecutive week of losses.
Time to comes for the Dow Jones Industrial Average gained about 110 points, or 0.5%. Contracts tied to the S&P 500 and the Nasdaq Composite ticked up 0.5% and 0.6%, severally.
The move in futures comes after the three major U.S. indexes held on to slight gains during a choppy term Thursday but were still negative for the week. The Nasdaq Composite slightly outperformed, gaining about 0.4%, and has also been the nicest performing index this week.
That outperformance for the tech-heavy index is a reversal from earlier during this supermarket pullback. Much of September’s losses have been concentrated in megacap tech stocks, which carry a intense weight in the indexes. Shares of Apple rose 1% on Thursday but were still down more than 19% from their late-model closing high on Sept. 1.
Russ Koesterich, managing director and portfolio manager at BlackRock, said on CNBC’s “Near Bell” that his team had taken profits in some high flying tech stocks at the end of August and then were gaining more cyclical stocks during the recent drop for the market.
“What we’ve been trying to do in recent weeks is swindle the cyclical exposure up a little bit … it’s not that we think tech is going to roll over. We still like the papers. But on a shorter term tactical basis, we’re comfortable with the economy, we think we’re going to continue to see improvement, and we’re looking for designates that are levered to that improvement,” Koesterich said.
The state of the economic recovery has become a hot topic in recent weeks on Go bust enclose Street, especially after the death of Supreme Court Justice Ruth Bader Ginsburg led many strategists to lower the chances for another relief package before the election. On Thursday, Goldman Sachs cut its fourth quarter projection for plain domestic product growth to 3% on an annualized basis, down from 6%.
House Democrats are preparing a $2.4 trillion assuagement package that they could vote on as soon as next week, a source familiar with the plans forecast CNBC. The bill would include enhanced unemployment benefits and aid to airlines, but the overall price tag remains well in the first place what Republican leaders have said they are willing to spend.
— CNBC’s Jacob Pramuk contributed to this chronicle.
Correction: A previous headline for this report was updated to note that Dow futures were higher, rather than the Dow itself.