Traders on the NYSE floor, Sept. 13, 2022.
Stock futures were mixed in overnight trade as Big Tech earnings continued with disappointing results from Meta Platforms.
Shares of Facebook’s parent company fell 18% in extended trading on weak fourth-quarter forecasts. Shares of ServiceNow, meanwhile, rose more than 10% after a beat.
Futures tied to the Nasdaq 100 fell 0.2%, while S&P 500 futures and futures tied to the Dow Jones Industrial Average gained 0.12% and 0.22% respectively.
Stocks were mixed in Wednesday’s regular trading session as traders digested disappointing quarterly reports from Alphabet and weak guidance from Microsoft, as well as what it meant for future rate hikes of the Federal Reserve and economic growth.
Both the Nasdaq Composite and S&P 500 had their three-day winning streak snapped, closing 2.04% and 0.74% lower, respectively. The Dow Jones Industrial Average rose slightly, gaining 2.37 points to 31,839.11 and ending its fourth straight positive session since September.
For the week, all major averages remained in positive territory, with the Dow and S&P up more than 2% and the Nasdaq about 1% higher. The Dow is on pace for its fourth straight positive week since its five-week streak ended in November 2021.
“Investors are still struggling for direction and want clarity about earnings and what the Fed will do going forward,” said Adam Sarhan, CEO of 50 Park Investments. “Remember, 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 in many level.”
Big tech gains continue Thursday with results from Amazon and Apple. Earnings from Intel, McDonald’s, Merck and Caterpillar are also on deck.
Along with earnings, investors have their sights set on an advanced reading of third-quarter gross domestic product that is expected to offer further clues on the state of the US economy.
Weekly preliminary jobless and durable goods claims for September are also due Thursday.