Pre Open US - US Indices 21 Aug 2023

Futures linked to the S&P 500 experienced a 0.5% gain, while Nasdaq-100 futures rose by 0.6%. Contracts tied to the S&P 500 and the Nasdaq 100 saw increases, aiming to recover from three weeks of decline. Ahead of regular trading, Palo Alto Networks Inc. surged as its cybersecurity company's billings projection surpassed expectations.

Investors are rebounding from a week of losses as the market navigates a subdued summer period. The Nasdaq Composite concluded the week with a roughly 2.6% decrease, marking its third consecutive weekly decline since December. Meanwhile, the Dow also experienced a 2.2% decline for the week, its most significant decrease since March. The S&P 500 fell by 2.1%, recording its third successive week of losses, a scenario last observed in February.

Investors considered the implications of escalating bond yields and vulnerabilities in China, which exerted a dampening influence on markets in a period typically characterized by subdued activity.

Nasdaq is experiencing a selloff towards the next target at the median line of the current bullish channel at the 14750 level. If the selling pressure persists, the next support level would be around 14260.