Pre-Markets Buy Back In Ahead of JOLTS, NIKE Earnings

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Pre-market futures are up around 1% for the major indexes and 1.5% for the Russell 2000, as investors look to buy the dip after a heavy selling period. The absence of new major crises, both domestic and overseas, has helped boost confidence. However, March is still on track to be the worst-performing month for stocks in four years, and the market is set to snap a three-quarter winning streak. Key economic data, including the Chicago Business Barometer and Consumer Confidence Index, are due out later today.

Why it matters

The pre-market rally signals that investors are cautiously optimistic and willing to buy the dip, despite the broader market weakness in March. This could indicate a potential market rebound, but the economic data releases later today will provide further insight into the state of the economy and consumer sentiment, which will influence market direction.

The details

Pre-market futures are up around 1% for the major indexes and 1.5% for the small-cap Russell 2000, as investors look to buy the dip after a heavy selling period. The absence of new major crises, both domestic and overseas, has helped boost confidence. However, March is still on track to be the worst-performing month for stocks in four years, and the market is set to snap a three-quarter winning streak. Key economic data, including the Chicago Business Barometer and Consumer Confidence Index, are due out later today. Spot oil prices continue to inch up, with WTI at $104 and Brent crude at $117.

• The Chicago Business Barometer for March is expected to tack down for the first time in four months, to 55.1 from 57.7 reported last month.
• The Consumer Confidence Index from The Conference Board also hits the tape this morning for March, also expected to tick down to 87.5 from 91.2 in February.