Traders on the NYSE floor, May 17, 2022.
Source: NYSE
US stock futures rose on Tuesday night after the Nasdaq Composite fell during the regular session, following a warning of the slowdown in the growth of the social networking company Snap that hurt the technology index .
Dow Jones Industrial Average futures rose 111 points, 0.4%. Futures S&P 500 and Nasdaq 100 rose 0.5% and 0.7%, respectively.
Nordstrom shares rose more than 10% in extended trading after the retailer exceeded sales expectations and raised its outlook for the full year. The retailer experienced an increase in demand from buyers who refreshed their cabinets for “long-awaited occasions.”
The Nasdaq Composite fell 2.4% during regular trading, while the S&P 500 fell 0.8%. The Dow rose 0.2% on a last-day investment, although it fell to 1.6% at the beginning of the session.
The losses on the Nasdaq came after a warning from Snap scared the digital advertising industry, which went through the actions of social media, such as the Facebook Meta matrix, Twitter and the Google Alphabet matrix. Snap’s share price fell 43% during the regular session after the company said it would lose its own earnings and revenue targets.
“It tells me how many communication technologies and services are still owned, right, because they’re the ones that get the most problems, and for good reason. Snap was really a big surprise to almost everyone,” Stephanie Link said. , chief investment strategist and portfolio manager at Hightower, told CNBC’s “Closing Bell” on Tuesday.
“I think we are in a very difficult time. I have been saying that we will be in a hectic environment all year round because there are many unknowns,” he continued.
Traders will continue to analyze earnings reports this week to see how companies are managing inflationary pressures. Dick’s Sporting Goods is expected to report earnings Wednesday before the bell. Snowflake and Nvidia are ready to release quarterly reports after the bell.
On the economic front, traders are also on the lookout for the latest reports on weekly mortgage applications and durable goods orders ahead of market opening. Investors await the final minutes of the Federal Open Market Committee meeting.