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Stock Futures Rise as Investors Anticipate Key Data and Earnings
Stock futures showed gains on Wednesday night as investors looked ahead to upcoming corporate earnings and important labor data. Dow Jones Industrial Average futures increased by 0.2%, while S&P 500 futures and Nasdaq 100 futures climbed by 0.2% and 0.3% respectively.
After-Hours Trading Highlights
In after-hours trading, chipmaker Qualcomm rose over 3% following better-than-expected adjusted earnings and strong revenue guidance. However, restaurant delivery service DoorDash experienced a decline of more than 15% after reporting a wider loss per share than what was forecasted by Wall Street.
Market Reaction to Federal Reserve’s Decision
Following a volatile day on Wall Street, influenced by the Federal Reserve’s decision to maintain interest rates, all three major stock indexes experienced fluctuations. The Dow finished about 0.2% higher, while the S&P 500 and Nasdaq Composite closed the session lower by roughly 0.3%.
Market Outlook and Uncertainty
Fed Chair Jerome Powell’s indication that an interest rate hike is not the central bank’s next move is expected to provide reassurance to financial markets. However, the timing of any potential borrowing cost reductions remains uncertain, leaving traders with lingering questions.
Upcoming Economic Data and Earnings Reports
Investors are eagerly awaiting economic data on weekly jobless claims, first-quarter worker productivity, unit labor costs, as well as March figures on the trade deficit and factory orders. Additionally, Thursday’s quarterly earnings reports will be dominated by Apple and Amgen after the close, alongside Coinbase and DraftKings. Before the market opens, Moderna and Peloton are both scheduled to post results.
Market Performance and Projections
With more than half of the trading week completed, the S&P 500 and Nasdaq Composite are on track to finish the week with losses of over 1% and 2% respectively. The Dow, which ended Wednesday in the green, is poised for a loss of 0.9%.
Extended Trading Moves
Several companies experienced significant movements in extended trading, including:
- DoorDash: Shares tumbled 13% after its first-quarter report showed a wider-than-expected loss.
- Carvana: The car marketplace soared 30% after revenue for the first quarter topped Wall Street forecasts.
- eBay: The online commerce platform dropped 4% after current-quarter revenue guidance missed expectations.
Positive Momentum in Stock Futures
Shortly after 6 p.m. ET, stock futures tied to the Dow and S&P 500 each added 0.2%, while Nasdaq 100 futures climbed 0.3%.
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