By Stewart Lewis
(May 23 – 09:00 ET) – The futures market is up this morning, boding well for tech stocks. The direction for blue-chip stocks is less clear. By about 8:00 ET Standard & Poor’s 500 futures were up 5.6 points, little indication for early going.
The opening rally for European stocks is running out of steam as the impact of the NASDAQ composite index’s overnight rally wore off. London’s FTSE is up 0.7% to 6078.60. The CAC in Paris similarly up just 0.7% to 6139.29. Germany DAX is not faring much better. At midday in Europe, it is up 0.5% at 6947.63.
Overnight, the Asian markets showed little change. The Nikkei dropped slightly. It ended down 0.4%, at 16318.70. The Hang Seng rose slightly to 14257.10
While Canadian traders rested yesterday, Wall Street endured another roller-coaster session. Market underwent extensive losses, finishing moderately lower. The market volatility is underlining investors fears, particularly about tech stocks.
The NASDAQ closed down 26.19 at 3,364.21. The Dow Jones industrial average nearly matched the NASDAQ in volatility, falling more than 250 points before rebounding to 10,542.55.