Equity futures subside after S & P 500, Nasdaq Composite rises for 5 consecutive days

US stock index futures remained largely unchanged during early Wednesday morning trading after the S & P 500 announced its fifth consecutive winning session on Tuesday.

Futures contracts related to the Dow Jones Industrial Average fell 32 points. Both S & P 500 futures and Nasdaq 100 futures fell slightly.

The Dow had its third positive session in the last four days on Tuesday, rising nearly 200 points (0.56%). Johnson & Johnson had the most positive impact on the 30-stock benchmark, while Procter & Gamble was the biggest resistance.

The S & P 500 rose 0.74% and the Nasdaq Composite rose 0.71%. Both have risen for five consecutive days, marking the longest consecutive win since late August.

Netflix made a long-awaited post Third quarter financial report On Tuesday, after the market closed, the streaming giant added 4.4 million subscribers during the period. Wall Street analysts expected an additional 3.84, according to a Street Account estimate. Equities initially rose based on results, but then returned these profits and fell into the red during after-hours trading in the market.

United Airlines also posted Quarterly results After the bell on Tuesday, the company exceeded analysts’ expectations at the top and bottom lines amid a continuous recovery in travel demand.

So far, investors have been very supportive of the results from the third quarter earnings batch on the market since the bank started things last week. According to FactSet, 82% of the S & P 500 components reported so far are above expectations.

But LPL Financial equity strategist Jeff Buchbinder said investors shouldn’t expect beats posted by companies that emerged from the depth of the pandemic.

“We’ve used most of the finest things we know to describe the stunning performance of US companies in the last two profitable seasons,” he said. “We expect solid revenue growth in the upcoming third-quarter earnings season, but with less unexpected gains. Unfortunately, we don’t need that much of the superlatives.”

Over 70 S & P 500 components are reporting revenue this week. At Verizon on Wednesday, Biogen and the Canadian Pacific Railway are on the deck in front of the opening bell. IBM, Tesla, CSX and Las Vegas Sands are one of the names set to report after the market is closed.

Elsewhere on the market, Bitcoin was focused on Tuesday as a cryptocurrency Inch closer The best ever. ETF linked to the first Bitcoin— ProShares Bitcoin Strategy ETF — According to Coin Metrics dates, it opened trading on Tuesday, pushing cryptocurrencies to a high of $ 64,350. This is just below the April 14 record of $ 64,899.

With the rise in stock prices on Tuesday, the key average is approaching a record high. The Dow is 0.49% below that record, while the S & P and Nasdaq Composite are 0.58% and 1.78% below their highest levels.

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Equity futures subside after S & P 500, Nasdaq Composite rises for 5 consecutive days

Source link Equity futures subside after S & P 500, Nasdaq Composite rises for 5 consecutive days

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