Stock Market Today: Stock Futures Rise Amid Renewed Dip-Buying
NEW YORK (TheStreet) -- U.S. stock futures were picking up traction Monday, tracking the international markets higher on easing geopolitical worries and signaling a stronger start for Wall Street.
S&P 500 futures were trading up 9.5 points, or 6.31 points above fair value, to 1,933.25 after rebounding to a weekly gain, while Dow Jones Industrial Average futures were increasing 69 points, or 47.07 points above fair value, to 16,548. From its late-July peak, the S&P 500 is down 2.8% driven by the recent spikes in geopolitical concerns and anxiety over the potential for sooner-than-expected Federal Reserve rate hikes. Futures for the Nasdaq were climbing 21.8 points, or 10.91 points above fair value, to 3,895.3.
At this juncture, the broader market is 1.2% below its 50-day moving average but remains above the key 1,900 support level and the 200-day moving average. Intermediate and long-term uptrends remain intact, according to Piper Jaffray's senior technical research analyst Craig Johnson. "Over the last several years, the SPX has pierced its 50-day moving four times, and each time it has proven an excellent buying opportunity for investors."European and Asian markets shrugged off last week's geopolitical gloom on Monday, as Russia appeared to step back from the brink over Ukraine and on hopes that U.S. airstrikes in Iraq may have slowed the advance of Islamist rebels there. A renewed three-day ceasefire between Israel and Hamas in Gaza also played a part. Read More: European, Asian Stocks Shrug Off Gloom In corporate headlines Monday, McDonald's (MCD - Get Report) and Yum! Brands (YUM - Get Report) have published data about their Chinese suppliers, after Shanghai's food safety administration sought more oversight over them, as well as Burger King (BKW), Dicos and Carl's Jr. McDonald's was trading sideways at $93.50, Yum! was a touch higher at $70.15. Burger King quotes were not yet available at last check. Video game maker Zynga (ZNGA - Get Report) once delighted customers with FarmVille and other games, but its stock is shedding 1.39% to $2.84 after the company announced a flat second quarter. Read More: Stock Market Today: Markets Bounce Back, Show Resilience -By Andrea Tse in New York Follow @AndreaTTse
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