The Dow Jones Industrial Average and the S&P 500 fell for a second day on Wednesday, while U.S. stock futures rose in the morning.
Dow Jones 30-stock futures increased by 25 points, or 0.07%. It added 0.2% and 0.3% to S&P 500 futures and 0.3% to Nasdaq 100 futures.
During trading hours, cloud computing startup Box saw a sharp decline of 12% after its third-quarter earnings below analyst estimates. The business exceeded analysts’ projections, but MongoDB saw a 5% decline. However, after outperforming estimates on both the top and bottom lines, Toll Brothers, a homebuilder, saw a gain of about 2% in its shares.
The changes followed a trading day in which the Dow finished lower for the second straight day, down 0.2% and 0.06%, respectively, while the S&P 500 closed lower as well. By the end of the day, the Nasdaq Composite was up 0.3%.
Even with these losses, all three market indices are still expected to close the quarter and year with significant gains based on the previous five weeks of advances.
After this surge, Chris Senyek, chief investment strategist at Wolfe Research, predicts disappointment for investors in the upcoming year. Senyek projects that the S&P 500 will decline by 8% by the end of 2024 in his base case scenario.
Source (CNBC)
