Global Courant 2023-04-27 14:50:42
Traders work on the floor of the New York Stock Exchange in New York City on April 26, 2023.
Michael M. Santiago | Getty Images
US stock futures rose Thursday, as Wall Street cheered for the latest quarterly results from Facebook parent company Meta.
Nasdaq-100 futures gained 0.8% while S&P 500 futures 0.5% added. Futures linked to the Dow Jones Industrial Average progressed by 70 points, or 0.2%.
Metashares rose 11% as the company reported quarterly revenue that beat analyst expectations. The company also issued stronger-than-expected guidance for the current period.
Wall Street is coming up with a mixed trading session. The Dow on Wednesday it lost 228.96 points, or 0.68%. The S&P 500 fell 0.38%, while tech-heavy Nasdaq composite rose 0.47% thanks to a more than 7% increase in Microsoft stock. Meanwhile, shares of First Republic plummeted nearly 30% as investors worried about the health of the regional bank.
Liz Young, head of investment at SoFi, warns investors that while the majority of S&P 500 companies are reporting higher-than-expected earnings, the worst is not over yet.
“We have revised expectations down about 15%,” she said. “So the fact that companies are beating those lowered expectations — while probably a good thing for sentiment right now, as markets don’t like to hear about misses — we’re beating pretty uninteresting numbers.”
Thursday will be all about earnings, with Eli Lilly, Merck, Southwest Airlines and American Airlines posting results before the bell. Comcast — owner of NBCUniversal, CNBC’s parent company — is also expected to report tomorrow morning.
Tech giants Amazon and Intel will announce their quarterly figures on Thursday after the closing bell.
The release of key economic data includes the first reading of US gross domestic product for the first quarter, scheduled for 8:30 am. Weekly unemployment claims must be submitted at the same time. Other key data points include March home sales and the Kansas City Federal Reserve’s manufacturing index.
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