US Stock Futures Hold Steady as S&P 500 and Nasdaq Enjoy Winning Streaks

On Wednesday, the futures for the U.S. stock market remained relatively unchanged. This comes after the S&P 500 and Nasdaq Composite indices achieved their longest winning streaks in about two years. The S&P 500 recorded a 0.3% gain, resulting in seven consecutive positive trading sessions, while the Nasdaq Composite rose by 0.9%, marking its eighth consecutive day of gains. Both indices have not seen such a consistent positive trend since November 2021.

These gains are attributed to about 80% of S&P 500 companies beating earnings estimates this season. Traders are keeping a close eye on global central bankers' response to the drop in government bond yields, which could hinder efforts to control inflation.

If the Fed decides to execute a monetary policy pivot, allowing the economy to avoid a recession, global equities might be poised for a rally.

The Nasdaq has ventured into a bullish territory by surpassing the 15,000 resistance level. Its next milestone is to overcome the previous high of 16,000.