Saturday, July 13, 2024

S&P 500 futures rose slightly as investors look past disappointing tech earnings, and Meta stocks flirt


S&P 500-related futures rose slightly on Thursday, as investors seemed to shrug off the disappointing results. meta pads.

The S&P 500 futures traded 0.1% higher, while the Dow Jones Industrial Average jumped 116 points, or 0.4%. Nasdaq 100 futures were down 0.3%.

shares Facebook’s parent company declined 20% in pre-market trading on A Double the fourth-quarter forecast And disappointing third-quarter earnings. The company also said it will lose more money next year by building the metaverse. The report led to several analysts downgrading the stock.

Traders are also tired of worrying about earnings reports from other companies. Service now Up more than 12% after winning earnings. Meanwhile, Ford Motor’s stock fell 2% after the company published its latest results.

Stocks are emerging from a mixed session, with the S&P 500 and Nasdaq Composite dropping for the first time in four days on Wednesday, while the Dow ended the day marginally higher.

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.”

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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.

Rosario Tejeda
Rosario Tejeda
"Infuriatingly humble analyst. Bacon maven. Proud food specialist. Certified reader. Avid writer. Zombie advocate. Incurable problem solver."