13

Stock futures inch slip after Dow retakes record high


Stock futures declined in early trading on Thursday after the blue-chip Dow Jones Industrial Average retook its record high amid solid corporate earnings.

Dow futures fell 86 points. S&P 500 futures and Nasdaq 100 futures both traded in mildly negative territory.

The 30-stock average jumped about 150 points to hit an intraday record Wednesday, surpassing its peak from mid-August. The S&P 500 climbed 0.4% for its sixth straight positive day, sitting just 0.2% below its all-time high. The tech-heavy Nasdaq Composite closed Wednesday’s session slightly lower, however.

“The Dow traded to a new all-time high today, again showing the resilience of dip buyers and the importance of cyclical companies in the stock market rally,” said Chris Zaccarelli, CIO at Independent Advisor Alliance.

Investors have been monitoring the third-quarter earnings season to assess profit growth as well as signs of cost pressures and supply-chain disruptions. Of the approximately 70 S&P 500 companies that have reported results so far, 86% posted earnings that topped analysts expectations, according to Refinitiv.

“There are no signs of widespread erosions of margins at the moment. Perhaps there is so much money sloshing about that for now prices are broadly being passed on,” Jim Reid, head of thematic research at Deutsche Bank, said in a note.

IBM saw its stock dropping more than 5% in extended trading following a revenue miss in the third quarter. its top two business segments — global services and the Cloud & Cognitive Software business — fell short of estimates.

Tesla shares dipped slightly in after-hours trading Wednesday even after the electric-car maker posted record earnings and revenue in the third quarter that beat expectations.

Railroad giant CSX jumped more than 3% in extended trading following a stronger-than-expected earnings report.

On Wednesday, the Food and Drug Administration authorized booster shots of both Johnson & Johnson and Moderna’s Covid vaccines, a critical step in distributing extra doses to tens of millions of people. U.S. regulators also approved “mixing and matching” vaccines.



Source link

Your reaction

NICE
SAD
FUNNY
OMG
WTF
WOW

React with gif

Share this post on social media

Leave a Comment:

Your email address will not be published. Required fields are marked *

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Google Translate