Stock futures rose on Wednesday as Wall Street looked to build on what has so far been a positive start to 2023.
Futures for the Dow Jones industrial average advanced 88 points, or 0.3%. S&P 500 futures added 0.3%, while Nasdaq 100 futures added 0.2%.
Moves will follow The Nasdaq Composite rose 1.01% on Tuesday for its first three-day hitting streak since November. The S&P 500 and Dow rose 0.70% and 0.56%, respectively, and all three averages were positive for the young year.
2023 has so far brought a relief rally to riskier parts of the market, such as technology, but many investors remain wary of earnings season and further expected rate hikes from the Federal Reserve.
“I think it’s going to be a challenge to try and time the Fed to finally start cutting rates,” said Matthew Palazzolo, senior investment strategist at Bernstein Private Wealth Management. But whether it ends in 2024 or late 2023, at least this time, sitting in mid-January, that too. A difficult situation.”
Wednesday has a light schedule for economic data, but investors are gearing up for a key inflation report on Thursday and key bank earnings on Friday.