Dow futures Little Changed as Earnings Continue

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Dow futures Little Changed as Earnings Continue
Credit: © Reuters.

By Oliver Gray - U.S. stock futures remained little changed during Thursday’s evening deals, after major benchmark averages finished lower during regular trading as a jump in Treasury yields offset investor optimism amid a deluge of solid corporate earnings.

By 6:35pm ET (10:35pm GMT) Dow Jones Futures and S&P 500 Futures eased 0.1% while Nasdaq 100 Futures remained flat.

Among stocks, Snap Inc (NYSE: SNAP ) fell 0.2% after hours after the social media platform reported a loss of 2 cents per share versus earnings of 1 cent expected, while revenues came in at $1.06 billion versus $1.07 billion expected. However, daily users growth beat expectations, up 18% annually.

Gap Inc (NYSE: GPS ) tumbled 11.5% after announcing that the CEO of its Old Navy division, Nancy Green, is leaving the business this week.

FirstEnergy Corporation (NYSE: FE ) also dipped more than 2.1% in extended trading after the firm reported first-quarter earnings that came in lower than expected. FirstEnergy reported adjusted operating earnings per share of 60 cents, missing the 62 cents estimate per Refinitiv, while revenues came in at $2.99 billion versus $2.85 billion expected.

Investors will also be focused as Verizon Communications Inc (NYSE: VZ ) is slated to post results before the bell Friday.

During Thursday’s regular trade, the Dow Jones Industrial Average fell 368.03 points or 1.05% to close at 34,792.76. The S&P 500 dropped 1.48% to 4,393.66 and the NASDAQ Composite slid 2.07% to 13,174.65.

Financials eased, with JPMorgan Chase & Co (NYSE: JPM ) down 0.8%, Citizens Financial Group Inc (NYSE: CFG ) falling 2.9% and Bank of America Corp (NYSE: BAC ) down 1.9%.

Technology heavyweights retreated as Block Inc (NYSE: SQ ) dipped 6%, Inc (NASDAQ: AMZN ) fell 3.7% and Meta Platforms Inc (NASDAQ: FB ) shed 6.2%.

EV manufacturers were mixed as Tesla Inc (NASDAQ: TSLA ) added 3.2% while Rivian Automotive Inc (NASDAQ: RIVN ) and Lucid Group Inc (NASDAQ: LCID ) dropped 6.8% and 6.3% respectively.

Market participants remained cautious following Federal Reserve Chair Jerome Powell’s comment on the possibility of a larger-than-usual rate hike for next month. Powell said during an International Monetary Fund panel moderated by CNBC’s Sara Eisen that taming inflation is “absolutely essential” and a 50-basis-point hike is on the table for May.

On the bond markets, United States 10-Year rates were at 2.908%.

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