Traders on the NYSE floor, July 19, 2022.
Source: NYSE
Shares futures fell on Wednesday evening as investors expected to build a good start to the week amid a burst of corporate gains.
Dow Jones Industrial Average futures lost 76 points, or about 0.2%. S&P 500 futures fell 0.3%, while Nasdaq 100 futures fell more than 0.3%.
The futures movement comes when Wall Street enjoys a rebound in July, with the top three averages reaching their highest levels in more than a month.
The Nasdaq Composite rose nearly 1.6% on Wednesday, its fourth positive session in five. The technology index increases by about 3.9% during the week.
Meanwhile, the Dow and the S&P 500 each rose for the third day in four. The blue-chip index has risen nearly 1.9% over the week, while the S&P 500 has gained 2.5% so far.
“Bulls seem to be returning to the market now. We’ve seen pretty strong gains in technology, crypto and other risky assets over the last few days,” said Callie Cox, a U.S. investment analyst at eToro. “Which is remarkable for us, because in an economy with a pretty noticeable weakness, one would expect to see good performance from other parts of the market. But animal spirits have returned, at least for now.”
In the first few weeks of the earnings season, corporate results have largely held up so far, helping to calm fears about an impending recession.
However, reports after Wednesday’s bell were mostly contradictory. Shares of Alcoa and CSX jumped into extended trading after companies exceeded expectations. Tesla shares were agitated after the automaker reported stronger-than-expected gains, but the automotive gross margins shrank.
United Airlines reported that it returned to profitability during the second quarter, but results were below expectations. Shares fell more than 6% in extended trading.
In other corporate news, Carnival shares were under pressure after the cruise company announced it was selling an additional $ 1 billion in shares.
On Thursday, AT&T and American Airlines are two of the many major airlines that will present the results before the opening bell. Investors will also be looking at initial data on unemployment claims, which have been on an upward trend in recent weeks.