The futures in the US stock index traded mixed overnight on Wednesday after a large average daily loss. The Dow Jones Industrial Average recorded 3 points in the futures contract. The S&P 500 futures gained 0.2% and the Nasdaq 100 futures rose 0.5%.
Apple Pal and Facebook’s strong quarterly results boosted futures. According to Apple Paul, sales rose 54 percent for the quarter. The company also announced that it will increase its dividend by 7% and approve share buybacks of EUR 90 billion. Facebook revenue is up 48% thanks to high quality ads.
The major averages closed in the red during normal trading. The Dow lost 165 points and lost 0.48%. The S&P 500 hit a record high but failed to sustain those gains and closed 0.08% lower. The Nasdaq Composite was down 0.28%.
The Federal Reserve said Wednesday that it would keep interest rates near zero. The S&P slid from its high after Federal Reserve Chairman Jerome Powell said during a news conference following the Federal Open Market Committee’s decision that there was some signs of froth in the market.
“While current interest rates have not changed and economic data has not improved, there was a lot of discussion at today’s Fed meeting,” said Bethany Payne, portfolio manager at Janus Henderson. “Rising vaccination rates are boosting employment and economic fiscal policies are boosting household and corporate incomes, so investors are now looking for signs that the central bank’s safety net may be pulled out sooner than expected,” she added.
Thursday is the busiest day with revenue. Around 11% provide the quarterly updates for the S&P 500. Caterpillars, McDonald’s, Comcast and Merck are the names on the point before the market begins. Amazon Mazon, Gilead Sciences, Twitter, US Steel and Western Digital will publish quarterly results after the market closes.
According to 86% of the S&P components on Wednesday morning, it ranks first in terms of earnings according to refinancing data. In terms of sales, 77% of companies grew faster than expected. Financial data released on Thursday will keep investors informed of the progress of the financial recovery. The first figures on jobless claims are published. The economists polled by Dow Jones expect a pressure of 528,000. Pending home sales are also posted.
“The market is in a positive position in the primary market,” said Keith Lerner, Truist’s chief marketing strategist. He said: “We expect a helicopter environment, however, as tensions remain between good economic growth and the prospect of income, high taxes and potentially rising interest rates.