Stock futures inch lower in overnight trading after Dow retakes record high

Stock futures inch lower in overnight trading after Dow retakes record high

Stock futures dipped barely in overnight trading on Wednesday after the blue-chip Dow Jones Industrial Common retook its record high amid strong company earnings.

Dow futures fell 35 factors. S&P 500 futures and Nasdaq 100 futures each traded 0.1% lower.

The 30-stock common jumped about 150 factors to hit an intraday record Wednesday, surpassing its peak from mid-August. The S&P 500 climbed 0.4% for its sixth straight optimistic day, sitting simply 0.2% under its all-time high. The tech-heavy Nasdaq Composite closed Wednesday’s session barely lower, nonetheless.

“The Dow traded to a new all-time high today, again showing the resilience of dip buyers and the importance of cyclical companies in the stock market rally,” mentioned Chris Zaccarelli, CIO at Unbiased Advisor Alliance.

Buyers have been monitoring the third-quarter earnings season to evaluate revenue development in addition to indicators of value pressures and supply-chain disruptions. Of the roughly 70 S&P 500 firms which have reported outcomes thus far, 86% posted earnings that topped analysts expectations, based on Refinitiv.

“There are no signs of widespread erosions of margins at the moment. Perhaps there is so much money sloshing about that for now prices are broadly being passed on,” Jim Reid, head of thematic analysis at Deutsche Financial institution, mentioned in a observe.

IBM noticed its inventory dropping greater than 5% in prolonged trading following a income miss in the third quarter. its high two enterprise segments — world companies and the Cloud & Cognitive Software program enterprise — fell in need of estimates.

Tesla shares dipped barely in after-hours trading Wednesday even after the electric-car maker posted record earnings and income in the third quarter that beat expectations.

Railroad big CSX jumped greater than 3% in prolonged trading following a stronger-than-expected earnings report.

On Wednesday, the Meals and Drug Administration approved booster photographs of each Johnson & Johnson and Moderna’s Covid vaccines, a vital step in distributing additional doses to tens of tens of millions of individuals. U.S. regulators additionally authorised “mixing and matching” vaccines.

Source link

Wealthy nations on track to extract twice as much fossil fuels as allowed to limit climate change Previous post Wealthy nations on track to extract twice as much fossil fuels as allowed to limit climate change
China Evergrande shares drop after Hopson asset deal falls through Next post China Evergrande shares drop after Hopson asset deal falls through