Global Courant 2023-04-21 10:46:20
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 29, 2023.
Brendan Mcdermid | Reuters
US stock futures changed little on Thursday night.
Dow Jones Industrial Average futures fell 27 points, or 0.08%. S&P 500 futures fell just 0.01%, while Nasdaq 100 futures rose 0.07%.
The Dow fell about 110 points, or 0.33%, during regular trading on Thursday. The S&P 500 fell 0.6%, and the tech-heavy Nasdaq composite lost 0.8%. Tesla shares weighed on the Nasdaq and fell nearly 10% the day after the company posted a first-quarter net profit that fell sharply from the same quarter a year ago.
The major averages are on track to finish the week in the red, with the Dow and S&P 500 on track for their worst weekly performance since March.
According to Matt Stucky, senior portfolio manager at Northwestern Mutual Wealth Management, there is much more macro uncertainty around this earnings season than in the recent past.
“The concept of rolling recessions is something that I think will be ideally suited to describe what we’re likely to see over the next 12 to 24 months. And so industries like semiconductors have kind of gone through a recession in the last six to 12 months ,” Stucky said, adding that there are other areas that haven’t seen any weakness at all.
“So it’s a case-by-case thing, which is why we’re seeing outsized moves at the individual stock and sector level that many investors might overlook when they look (only at the) top-level moves of the S&P 500 or the Dow,” he added. up to it.
Earnings season continues Friday, with Procter & Gamble, Regions Financial, SLB, Freeport-McMoRan and HCA Healthcare set to report earnings before the bell. Investors will also look to the Purchasing Managers’ Index for the manufacturing and services sector to gain insight into the economy.
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