S&P 500 futures rise as investors focus on upcoming earnings, inflation data: Live updates
Trading in the stock market can be a rollercoaster of emotions for investors as they await corporate earnings reports and inflation data. On Wednesday night, futures tied to the S&P 500 saw a slight uptick of nearly 0.2%, while Nasdaq 100 futures rose by 0.3% and Dow Jones Industrial Average futures increased by almost 0.2%.
The market saw Reddit shares plummet more than 13% in extended trading due to user figures falling short of Wall Street’s expectations. Conversely, Dutch Bros saw a significant surge of about 25% following a report that showed stronger-than-expected earnings and same-store sales that exceeded predictions.
The previous day was a mixed bag for Wall Street, with the Dow dropping over 200 points and the S&P 500 shedding 0.3% after the consumer price index revealed higher inflation rates than anticipated in January. In contrast, the Nasdaq Composite closed slightly above its flatline, driven by positive performances in Palantir and Tesla shares.
Scott Helfstein, head of investment strategy at Global X, commented on the challenging inflation report, pointing out that consumer inflation expectations have soared while the White House considers additional tariffs. However, despite the data, Helfstein remains cautiously optimistic about both the economy and stocks.
Investors are eagerly anticipating the latest producer price index data to gauge wholesale inflation levels, as well as monitoring weekly jobless claims figures set to be released in the morning. Earnings season continues, with companies like Airbnb, Coinbase, and Palo Alto Networks expected to report after the closing bell. FactSet revealed that nearly 77% of S&P 500-listed firms have surpassed Wall Street’s expectations so far, indicating strong performance in the market.
Five stocks were responsible for the majority of the Dow’s 225-point loss on Wednesday. Caterpillar led the decline, followed by Home Depot, United Health Group, Sherwin-Williams, and Amazon. Each dollar movement in any stock in the Dow averages a move of 6.15 points in the overall index.
After hours trading saw Reddit, The Trade Desk, and Dutch Bros making significant moves. Reddit shares fell 17%, while The Trade Desk experienced a 25% plunge due to weaker-than-predicted fourth-quarter revenue. On the other hand, Dutch Bros soared 19% following a report of strong fourth-quarter earnings and positive same-store sales data.
As the day wrapped up, futures tied to the Dow and S&P 500 remained relatively stable with minimal changes, hovering around 0.1%. Nasdaq 100 futures showed a slight climb of 0.3%. Investors continue to navigate the stock market landscape with caution amidst various ups and downs driven by corporate earnings reports and economic data releases.
