Sunday, April 21, 2024
HomeTrading RoomWednesday's Earnings Season Causes Stock Futures to Decline

Wednesday’s Earnings Season Causes Stock Futures to Decline

As earnings season picked up momentum and Wall Street anticipated important financial data, stock futures declined on Wednesday.

92 points, or 0.3%, were lost in the Dow Jones Industrial Average futures. S&P 500 and Nasdaq 100 futures both experienced losses of 0.4% and 0.5%, respectively.

On weak forecast, United Airlines shares dropped more than 4% in premarket trade, while Procter & Gamble shares jumped 1% after the company topped analyst expectations for the quarter. After the market closes on Wednesday, Netflix and Tesla are scheduled.

After a quiet trading session, stocks are now rising. The S&P 500 dipped 0.01% to 4,373.20 while the Dow Jones Industrial Average increased around 13 points, or 0.04%, to 33,997.65. With a decline of 0.25% to 13,533.75, the Nasdaq Composite underperformed.

Bond rates spiked on stronger-than-expected September retail sales, which prompted Tuesday’s movements. The yield on the 10-year U.S. Treasury note reached its highest level since October 6. The U.S. revealed intentions to tighten limits on AI chip shipments to China, which led to a drop in the value of semiconductor stocks like Nvidia and Advanced Micro Devices.

Source (CNBC)

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