Dow futures are little changed after index posts sixth straight positive day: Live updates
Futures linked to the Dow Jones Industrial Average hovered near the flatline Wednesday evening after the 30-stock index posted its sixth consecutive winning day.
Dow futures added 6 points, or 0.02%. S&P 500 futures were little changed, while Nasdaq 100 futures fell 0.1%.
In extended trading, Airbnb pulled back more than 8% after weak guidance overshadowed a first-quarter beat on top and bottom lines. Retail trading platform Robinhood climbed 3% after the company surpassed first-quarter estimates for earnings and revenue.
During regular trading Wednesday, the S&P 500 inched slightly lower to close near the flatline, while the Nasdaq Composite slid about 0.2%. A slate of falling tech stocks weighed on the indexes, including Uber and Shopify, both of which had recently reported quarterly results. The 30-stock Dow was the outperformer of the major averages, adding more than 170 points.
“We probably are just retracing some of the enthusiasm that we came into the start of the year with,” said Josh Brown, CEO of Ritholtz Wealth Management, on “Closing Bell.”
“April was the worst month that we’ve seen in quite a while, and I think that was really a precursor to some of the reactions we’re now getting after earnings reports,” he said.
Investors will next turn their attention toward quarterly results from Warner Bros. Discovery and Akamai Technologies on Thursday.
On the economic data front, weekly jobless claims are due Thursday morning.
Disney and Warner Bros. Discovery plan to bundle streaming services
Disney and Warner Bros. Discovery are teaming up to offer their streaming services in a bundle, the entertainment giants announced on Wednesday evening.
The bundle will bring together the companies’ streaming services — Disney+, Hulu and Max — in one package this summer. The offering will be available on the ad-supported and commercial-free tiers.
Shares of WBD inched higher in after-hours trading, while Disney was little changed.
CNBC’s Lillian Rizzo and Alex Sherman share the details on the new bundle here.
–Darla Mercado
Special event travels giving Airbnb a boost
Airbnb reported strong quarterly results and was very optimistic for the summer travel season. A big reason why – people are eagerly traveling for special events.
A large number —500,000 — guests booked Airbnb stays during the North American total eclipse last month. During the upcoming Summer Olympics, bookings in Paris are five times higher than the year-ago period. Meanwhile, cities in Germany are also seeing double the Airbnb bookings during the Euro Cup soccer tournament this summer.
This is more evidence that consumers are still spending strongly on travel and entertainment experiences despite ongoing concerns about the economy.
— Robert Hum
Stock futures are little changed on Wednesday
Stock futures were little changed on Wednesday, after the Dow Jones Industrial Average earned its sixth straight positive session.
Futures tied to the 30-stock Dow ticked down 6 points, or 0.02%. S&P 500 futures slipped 0.06% while Nasdaq 100 futures were 0.1% lower.
— Brian Evans