Dow Jones Today: Stock Futures Point to Lower Open Amid Flurry Of Earnings Reports
U.S. stock futures were lower Wednesday as investors digested a flurry of earnings reports, with little in the way of economic data on the calendar to drive sentiment.
Futures tied to the Dow Jones Industrial Average were down 0.2%, while S&P 500 and Nasdaq futures were off 0.4% and 0.6%, respectively. The Dow is riding a five-session winning streak, while the S&P 500 has gained for four straight days, amid hopes that economic data will show a reduction in inflationary pressures that could allow the Federal Reserve to consider cutting interest rates.
Among the stocks in focus Wednesday, Uber (UBER) shares sank 9% after the ride-sharing giant reported revenue that topped analysts’ expectations but gross bookings that missed. The company posted a $654 million net loss after reporting hundreds of millions in charges related to revaluations of its investments.
Shares of Reddit (RDDT) soared about 12% in premarket trading after the social media company late Tuesday reported record user traffic and rising revenue in its first quarterly earnings report since its initial public offering in March.
The yield on 10-year Treasurys rose to 4.49%, from 4.46% on Tuesday. Gold futures were little changed at around $2,320.
Major Stock Index Futures Are Lower
46 minutes ago
Futures contracts connected to the Dow Jones Industrial Average were down 0.2%
S&P 500 futures were down 0.4%
Nasdaq 100 futures were down 0.6% about 30 minutes before the opening bell