As the Dow Jones Industrial Average and S&P 500 attempted to recover after a two-day decline, U.S. stock futures equivocated on Wednesday.
Dow futures for 30 stocks increased 33 points, or 0.1%. Futures for the Nasdaq 100 and S&P 500 increased by 0.2% each.
After disclosing third-quarter data that fell short of analyst forecasts, cloud provider Box was a big loser in early trading, plunging more than 14%. Despite exceeding analysts’ projections, MongoDB saw a decline of over 4%. Toll Brothers, a homebuilder, saw its shares rise more than 2%, however, after recording both positive and negative profit and loss results.
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. Technology equities outperformed, and the Nasdaq Composite increased by 0.3%.
Even with these losses, all three market indices are still expected to finish the quarter and year much higher due to the previous five weeks of gains.
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)
