Stock futures are little changed after Dow posts a seventh straight day of gains: Live updates


Traders on the floor of the NYSE

Source: NYSE

U.S. stock futures were little changed Tuesday night after the Dow Jones Industrial Average notched its longest winning streak since 2021.

Dow Jones Industrial Average futures fell by 6 points, or 0.02%. S&P 500 futures and Nasdaq 100 futures dipped 0.04% and 0.09%, respectively.

Carvana shares dropped more than 10% in extended trading. The online auto retailer said Tuesday it will post second-quarter earnings results on Wednesday, moving the date of its report up from Aug. 3.

The Dow Jones Industrial Average notched a seventh straight positive session on Tuesday for its longest string of gains since March 2021. The Dow rose 366.58 points, or 1.06%. The S&P 500 gained 0.71%, while the Nasdaq Composite climbed 0.76%. All three major averages notched their highest closes since April 2022.

Second-quarter earnings season is off to a strong start. Of the 38 companies in the S&P 500 that have reported results, 82% have exceeded expectations, according to FactSet data. For many investors, the recent streak of gains bolsters the case for a soft-landing scenario. It’s an outlook that has gained traction after last week’s encouraging inflation data.

“I think that we have to take a hard-landing scenario off the table, and in part, as we approach 2024 it becomes more difficult for us to believe in a downward trajectory to earnings,” Alger’s Ankur Crawford said on CNBC’s “Closing Bell” on Tuesday.

“If you look at, you know, a lot of the tech earnings for example, we’ve troughed and now we’re starting to reaccelerate and grow again. That is a very different scenario than where we entered the year,” Crawford added.

Goldman Sachs is set to report before the open Wednesday. Other major companies such as Netflix, Tesla, IBM and United Airlines will post earnings after the close.

June housing data will release Wednesday at 8:30 a.m. ET. Housing starts are expected to have dropped by 9.3%, according to economists polled by Dow Jones. That would be down from the huge 21.7% jump in the prior month.

Meanwhile, June building permits are anticipated to have declined 0.7%, according to Dow Jones consensus estimates. That would be down from a 5.2% gain the previous month.


Source link

Leave a Comment