Dow futures are little changed after index notches longest winning streak since December: Live updates
Dow Jones Industrial Average futures sat near flat Tuesday night after the blue-chip average clinched its longest winning streak since December.
Futures tied to the 30-stock average lost 15 points, inching marginally below its flatline. S&P 500 futures and Nasdaq 100 futures also both traded near flat.
In after-hours trading, Lyft and Wynn Resorts added more than 6% and 1%, respectively, on the back of stronger-than-expected quarterly results. Reddit surged more than 13% following its first earnings report as a public company.
Those moves follow a muted and mixed day on Wall Street. The Dow ticked higher by nearly 0.1% and posted its fifth positive session, which marks its longest winning run going back to December. The S&P 500 also inched up by about 0.1%, while the Nasdaq Composite slipped 0.1%.
The 10-year U.S. Treasury yield took a leg down in the session, providing upward momentum for stocks. But the market was hampered by a slide of more than 9% in Disney shares after the entertainment giant missed Wall Street’s revenue expectations and offered soft guidance.
“Stocks are going to celebrate any decline in yield, and you’ve seen that over the last several days,” said Adam Crisafulli, founder of Vital Knowledge, on CNBC’s “Closing Bell: Overtime.” “But eventually, to the extent you see growth slow further, there will be a disconnect between Treasurys and equities, with Treasurys continuing to rally while stocks get caught up a little bit.”
Earnings remain top of mind for investors heading into Wednesday, with Uber and Shopify slated to post results before the bell. After-the-bell reporters include technology names Airbnb, Instacart and Bumble, in addition to so-called meme stock AMC.
Nearly 85% of S&P 500 corporations have already shared quarterly results this earnings season. Of those, approximately 80% have surpassed Wall Street expectations, according to FactSet.
Traders will also watch for economic data on wholesale inventories due Wednesday morning. Federal Reserve officials including Vice Chair Philip Jefferson, Boston Fed President Susan Collins and Fed Governor Lisa Cook are all expected to give remarks throughout the day.
Bears have one real level left to defend, BTIG says
Pessimistic investors essentially have just one key level left before bulls have total control of the stock market, according to BTIG Research.
Bulls are “clearly in control” with the S&P 500 above its downtrend and 50-day moving average, said Jonathan Krinsky, the firm’s chief market technician. Now, market bears have only one number left the keep the broad index below: a 76.4% retracement of the S&P 500’s recent decline, which in this case sits around 5,191.
“Bulls clearly have the ball here,” Krinsky wrote to clients.
— Alex Harring
Coffee customers flocking to Dutch Bros shops
Dutch Bros shares are soaring on strong Q1 results. Same-store sales jumped 10% – the largest rise since the fourth quarter of 2021. CEO Christine Barone pointed out that the coffee chain saw “a healthy combination of ticket expansion and traffic.” That’s a stark contrast to coffee giant Starbucks, which last week reported a 7% drop in transactions during its latest quarter that sent the stock tumbling.
Dutch Bros also raised its full-year guidance and announced it’s working with restaurant technology firm Olo to bring mobile ordering to the Dutch Bros app. Shares of Olo are spiking higher on the news.
—Kate Rogers, Robert Hum
Stocks making the biggest moves after hours
These are some of the stocks making notable after-hour moves:
- Reddit — The social media stock popped more than 12% following a better-than-expected quarterly earnings in its first report since the company went public.
- Lyft — The ride-share company advanced 6% after first-quarter sales and earnings beat analysts’ estimates.
- Sonos — The audio product maker tumbled more than 3% after reporting a wider loss than Wall Street expected.
— Alex Harring
Stock futures are little changed
Futures tied to the Dow, S&P 500 and Nasdaq 100 all traded near flat shortly after 6 p.m. ET.
— Alex Harring