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%.
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.
Trump wins Michigan Republican primary, NBC projects, teeing up Super Tuesday
‘Abbott Elementary’ Is Always Better When This Duo Works Together
Actor Hill Harper on Michigan Democratic Senate run: ‘our party’s gotten off course’
Adele Pauses Las Vegas Residency Over Health Concerns
21 Flattering, Slimming Dresses That Come With Pockets
The Best Moisturizing Body Washes I’ve Tried for My Super Dry Skin
Beyoncé Revealed She’s Dealt With Scalp Psoriasis While Promoting Her New Hair Care Line
People Who Have Had COVID Face a Much Higher Risk of Chronic Fatigue, Study Says
Meghan Markle and Prince Harry Just Fired Back at Critics With 3 Words After Sussex Website Rebrand, Canada Trip
17 Women Share the Reasons They Stopped Wearing Makeup
Charles Barkley Addresses His Relationship With Madonna and Reveals if They Really Did Date at One Point
A Major ‘Stardew Valley’ Update Is Coming in March
Paul McCartney Wrote 1 Beatles Song After a ‘Mystical Religious Experience’
Royal Commentators Question if Meghan Markle Is a ‘Lonely Woman’ Deep Down After Breaking Contact With People From Her Past
‘Teen Mom’: Farrah Abraham Shows Off 15-Year-Old Daughter’s New Back and Tongue Piercings
News20 hours ago
Three key drivers for the Ukraine war in 2024 – Asia Times
Sport14 hours ago
I’m an ex-Prem ace who managed in Sudan & Oman, now my son’s more famous than me
Tech11 hours ago
Updates From The Mandalorian & Grogu, and More
Lifestyle20 hours ago
Gerard Butler’s ‘Has Fallen’ Film Franchise Gets an Event TV Series Makeover in Studiocanal’s ‘Paris Has Fallen’
News10 hours ago
Lawsuit alleges New York doctor died of allergic reaction after eating at Disney World restaurant
Tech23 hours ago
Wendy’s Wants to Start Uber-like Surge Pricing in 2025
Tech22 hours ago
Google Will Relaunch Gemini in a ‘Few Weeks,’ After Its Racial Controversy
Tech23 hours ago
What Is ANC and Why Do I Need It in My Headphones?