Stock futures are little changed to kick off September trading: Live updates

Published On Sep 2, 2024, 6:01 PM

The article discusses a recent market downturn where major indices fell significantly, particularly the Dow, S&P 500, and Nasdaq. It highlights concerns about consumer spending and cautious sentiments among analysts amid various economic factors, including weaker manufacturing data and uncertainty surrounding the upcoming U.S. elections. Notably, retail spending during the back-to-school season is anticipated to rise modestly despite a cautious consumer, and stocks like Walmart and Revolve are considered strong performers. Additionally, concerns about market dependence on tech stocks are raised, with non-tech sectors experiencing low demand. Analysts expect volatility in the coming weeks, with potential pullbacks forecasted. Overall, the market is perceived as uncertain with historical trends suggesting September could be challenging for stocks.

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Stock Forecasts

WMTView WMT chart on TradingView

Positive

With the anticipated modest rise in retail spending and Walmart's strong performance, there's a positive outlook for Walmart shares, which are already at an all-time high. This indicates that despite broader market concerns, Walmart could continue to thrive as consumers prioritize essential expenditures.

BAView BA chart on TradingView

Negative

Boeing's recent downgrade by Wells Fargo, alongside production issues leading to significant stock losses, creates a context of caution around Boeing shares. As analyst sentiments reflect worries regarding future cash flows, this may lead to continued downward pressure on Boeing's stock in the near term.

SPYView SPY chart on TradingView

Negative

Given the broader market sentiment and the pressures indicated by sector flows being bearish outside of tech, the SPDR S&P 500 Trust which tracks the S&P 500 may face challenges. Investors might want to be cautious with SPY in the near term as analysts predict a potential pullback of 7%-10% in the overall market.

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