US stock futures rose ahead of Thursday’s open, boosted by mega-cap tech stocks, suggesting a possible turnaround for the indices.
Futures linked to the S&P 500 (^GSPC) gained 0.7%, while futures linked to the Dow Jones Industrial Average (^DJI) rose 0.6%. Contracts on the technology-heavy Nasdaq Composite (^IXIC) rose 1.1%.
Yields on benchmark 10-year US Treasury bonds fell 3.59% on Thursday morning. The dollar index weakened against the euro on Thursday, trading at $102.85.
Stocks ended lower on Wednesday after recent speeches by Fed officials, signaling that further rate hikes are likely to continue and could remain high for an extended period.
Some of the salient comments came from Federal Reserve Governor Christopher Waller, who said trying to meet the central bank’s 2% target “could be a long struggle”. Meanwhile, New York Fed President John Williams has hinted that further rate hikes may be needed as interest rates are “barely in restrictive territory.”
Before the bell, investors will have more information on the jobs front with the release of another data point on jobless claims. Claims are expected to be 190,000 for the week ending February 4, down from 183,000 the previous week.
Amid the stock action, shares of Disney (DIS) rose more than 6% on Thursday morning after the company reported a drop in profits and announced new restructuring plans that include cutting 7,000 jobs. of its workforce and the reduction of costs by 5.5 billions of dollars.
The world’s largest entertainment company posted adjusted earnings per share of $0.99, better than Street’s estimate of $0.74 per share. Disney lost 2.4 million streaming subscribers. Revenue reached $23.5 billion versus $23.4 billion forecast.
Alphabet (GOOG, GOOGL) shares rose 1% on Thursday morning after Google’s parent company unveiled a slew of new AI-powered features for its search, maps and goals apps.
Shares of Affirm (AFRM) are down 19% in premarket trading after the company announced a 19% cut in its workforce. The move comes as the buy-it-now, pay-later company posted a better-than-expected quarterly loss per share. Revenue was $399.6 million versus estimates of $146.9 million.
Shares of Robinhood (HOOD) rose 5% after the company reported weaker-than-expected quarterly results, with revenue hitting $380 million, while analysts’ forecast was $389 million.
Shares of Tesla (TSLA) rose 3% on Thursday morning after a government report found that Tesla’s 2021 fatal crash was caused by excessive speed and not advanced drive-assist features driving Tesla.
Shares of PepsiCo (PEP) rose 1% before the opening bell after the snacks and beverages giant posted earnings per share of $1.67, up from the $1.65 analysts expected. Sales reached $28 billion versus $26.84 billion expected.
Other results on deck for Thursday include Kellogg (K), Lyft (LYFT) and PayPal (PYPL).
Federal Reserve Chairman Jerome Powell responds to a question from David Rubenstein (not pictured) during an onstage discussion at a meeting of the Economic Club of Washington at the Renaissance Hotel in Washington, DC, United States, February 7, 2023. REUTERS/ Amanda Andrade-Rhoades
In corporate news, JPMorgan has also joined a number of companies making personnel changes. The bank said it has laid off hundreds of mortgage officers as it plans to hire 500 small contractors over the next two years.
Looking ahead, investors will brace for Tuesday’s CPI print “given the lack of catalytic information this week,” wrote Andrew Tyler, of the U.S. market intelligence team at JP Morgan. , in a note to customers. As a result, “we may have some choppy trading sessions in store for future trading sessions in 2022 when it comes to bonds. [volume] tended to have the biggest increases around CPI and Fed days.
Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv
For the latest stock market news and in-depth analysis, including events moving stocks, click here
Read the latest financial and business news from Yahoo Finance
Download the Yahoo Finance app to Apple Or android
Follow Yahoo Finance on Twitter, Facebook, instagram, flip board, LinkedInAnd Youtube
#Live #Stock #Market #News #Updates #Tech #Leads #Nasdaq #Stock #Futures #Rise
LutteCRW.com Similar Articles
- Rosie O’Donnell Bio, Age, Husband, Books, Taboo, Sight, Net
- Who are Julian Strawther’s parents? Meet father Lee and mother Lourdes Strawther and siblings Paris and Paige
- Kawana Jenkins Age – CrackerMusic.com Discussions Today »
- Whitney Houston ‘I Go to The Rock’ explores singer’s gospel roots
- Neil deGrasse Tyson Net Worth 2023: Cars Age Career Earnings