Stock futures are low Investors emerged from a turbulent day with rising bond yields and broad corporate earnings.
Nasdaq 100 futures fell 0.7%, while futures linked to the Dow Jones Industrial Average lost 52 points, or 0.17%. S&P 500 futures are down 0.35%.
saw indexes The second consecutive day of slides during regular tradingWith the Dow Jones down 90.22 points, or 0.3%. The S&P 500 and Nasdaq Composite were down 0.8% and 0.6%, respectively.
It was a day that started on a better footing for the Dow, which reached nearly 400 points at session highs, but rising Treasury yields threw cold water on stocks. The 10-year Treasury yield is up 4.239% – a level not seen since 2008.
But even factoring in today’s losses, the major averages are still up more than 2% for the week – driven by gains on Monday and Tuesday – and are on track for their best week since early September.
Corporate earnings were mixed. AT&T and IBM It was among the stocks that jumped after exceeding estimates. But Snape and Robert Half were among those who slipped after those companies reported results that fell short of expectations.
Jimmy Cox, managing partner of Harris Financial Group, said Thursday’s trading fits in with a broader picture of nervous investors making indirect decisions based on today’s news. He said investors are increasingly turning to short-term strategies as they see the Federal Reserve creating a volatile market as it seeks to reduce inflation by raising interest rates.
“Markets are looking for every sign that inflation data is moving in a way that enables the Fed to lower the pace on interest rates, basically ignoring speakers and conservatives, basically ignoring everything the Fed says,” Cox said.
“It gives way to very volatile trading because people are happy and just waiting for a signal that the hiatus is approaching,” he said. “It’s a bad way to trade and it brings in a lot of volatility.”
Investors will be watching earnings before the bell from Verizon as corporate reporting season continues.
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FDIC: PR-21-2023 3/19/2023