Despite Thursday's sell-off, a market rotation still appears to be theme of the week. The Nasdaq Composite and S&P 500 are down 1.26% and 2.87%, respectively, heading into Friday. On the other hand, the Dow is up 1.66% and the small cap
That divergence has been encouraging to some Wall Street pros who had worried that the market rally was becoming too dependent on a handful of massive tech stocks."If you look at the last several months, we've literally gone up in a straight line until the last three or four days. To us, we're not bothered by this pullback here," he added.
Investors will get an updated look at the health of the consumer and the financial sector on Friday, with a handful of key earnings reports due out. American Express, Travelers, Comerica and Fifth Third are all expected to report results before the opening bell. Investors will also be keeping an eye on the the political sphere, where Donald Trump is ramping up his campaign as the Republican National Convention draws to a close and President Joe Biden isStock futures were mostly unchanged at 6 p.m. in New York. Futures for the Nasdaq 100 were up more than 0.2%, while futures for the Dow and S&P 500 were closer to flat.
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