Stock futures soar as investors look beyond disappointing tech earnings, meta shares peter

Traders on the floor of the New York Stock Exchange, September 13, 2022.

Source: NYSE

Stock futures rose in overnight trading on Wednesday as investors seemed to shrug off the disappointing results meta pads.

shares Facebook’s parent company declined 18% in extended trading on A Double the fourth-quarter forecast. Service now In the meantime , Rise more than 10% after winning earnings.

Nasdaq 100 futures traded 0.13% higher, while S&P 500 futures were up 0.21%. Futures related to the Dow Jones Industrial Average rose 112 points, or 0.35%.

Stocks were mixed in the regular trading session on Wednesday as disappointing traders absorbed quarterly Alphabet Reports And the Microsoftand assess what this means for higher interest rates and future economic growth by the Federal Reserve.

The Nasdaq Composite and Standard & Poor’s 500 all cut their three-day winning streak, closing 2.04% and 0.74%, respectively. The Dow Jones Industrial Average finished marginally higher, gaining 2.37 points to 31,839.11 capping its fourth straight positive session since September.

Over the course of the week, all major averages remained in positive territory, with the Dow and S&P up more than 2% and the Nasdaq up nearly 1%. The Dow is in full swing for its fourth consecutive positive week since its five-week streak ended in November 2021.

“Investors are still struggling for direction and want clarity in terms of earnings and what the Fed will do in the future,” said Adam Sarhan, CEO of 50 Park Investments. “Remember that the market is a forward-looking mechanism and earnings reports tell us what happened in the past. Investors want clarity and certainty. Right now, we still have a lot of uncertainty on multiple levels.”

See also  “Forget FAANG” says Jim Kramer and focus on stocks that are valuable in the current inflationary environment

Big tech gains continue Thursday with results from Amazon and Apple. Earnings from Intel, McDonald’s, Merck and Caterpillar are also on deck.

Besides earnings, investors are looking forward to an advanced Q3 GDP reading that is expected to provide further clues on the state of the US economy.

September’s weekly Initial Jobless Claims and Durable Goods Claims are also scheduled for Thursday.

Leave a Reply

Your email address will not be published.