S&P 500 futures are up slightly as investors weigh latest corporate earnings
Traders work on the floor of the New York Stock Exchange (NYSE) in New York.
Brendan McDermid | Reuters
S&P 500 futures advanced modestly Wednesday night as investors parsed through the latest batch of corporate earnings that dropped after the bell.
Futures tied to the broad index traded up 0.02%, while Nasdaq-100 futures gained 0.13%. Futures tied to the Dow lost 8 points, or less than 0.1%.
A smattering of earnings that came after the bell weighed on the market. Tesla and Levi Strauss were among stocks advancing after beating expectations for revenue and earnings per share.
IBM dipped nearly 2% despite exceeding analyst expectations. The legacy tech giant also said it said would cut 3,900 jobs, or about 1.5% of its workforce. Chevron, meanwhile, added almost 3% after announcing a $75 billion share repurchasing program.
“Clearly, we’re moving through the heart of earnings season at this point,” said Bill Northey, senior investment director at U.S. Bank. “There has been some positive news and some less positive news.”
Those reports come after mixed session on Wall Street. The Dow ended Wednesday’s session up 0.03% after dropping more than 400 points earlier. Meanwhile, the Nasdaq Composite and S&P 500 dipped just 0.18% and 0.02%, respectively.
Investors will watch Thursday for earnings from airlines including Southwest, American, Alaska and JetBlue. Intel is also set to report. They will also watch for morning data on jobless claims, the gross domestic product, durable goods and new home sales.
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