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S&P 500 futures tick higher as attention turns from Fed to latest earnings reports: Live updates

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Spencer Platt | Getty Images

S&P 500 futures inched higher Thursday morning as investors shifted focus from the Federal Reserve’s policy decision to the latest batch of corporate earnings reports.

S&P 500 futures and Nasdaq 100 futures each rose around 0.2%. Futures tied to the Dow Jones Industrial Average added 30 points, up nearly 0.1%.

SolarEdge tumbled more than 18% after posting an unexpected loss and offering dismal guidance for fourth-quarter revenue. DoorDash climbed more than 7% on earnings that surpassed Wall Street forecasts, while Etsy fell 5% after management warned of a challenging environment for consumer discretionary spending.

The moves follow a winning session on Wall Street that also marked the start of a new trading month. The Dow climbed more than 200 points on Wednesday, while the S&P 500 and Nasdaq Composite each ended up more than 1%.

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Wednesday’s session was centered around the Fed’s decision to keep interest rates unchanged and the subsequent press conference with Jerome Powell, the central bank’s chair. Powell said he would not rule out a rate increase at the December meeting, leaving market participants unsure of when the hiking cycle would end.

“We expected Powell to talk tough and do his best to keep markets from taking the two successive ‘skips’ in interest rate hikes as a green light for risk assets,” said Chris Zaccarelli, chief investment officer for the Independent Advisor Alliance. But, “we were surprised at how detailed he has been in his language that the Fed is still worried about inflation and wouldn’t hesitate to raise rates again in the near future.”

Earlier in the session, investors parsed the Treasury’s plan for future bond sales and the latest ISM manufacturing index, which showed the industry contracted more than expected in October.

Looking ahead, traders will watch for Thursday morning data on jobless claims, labor costs, productivity and factory orders. Closely watched statistics on nonfarm payrolls, the unemployment rate and hourly wages are slated for release on Friday morning.

Thursday also brings a busy day of corporate earnings. Starbucks, Eli Lilly, Peloton and Fox are among those reporting before the bell, followed by Apple, Paramount, Carvana and DraftKings after the market closes.

Source: CNBC

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