Wednesday’s Dow Jones Industrial Average futures were almost unchanged following the blue-chip index’s biggest winning run since December.
Futures linked to the 30-stock average decreased by 19 points, just barely staying below its plateau. Both the Nasdaq 100 and S&P 500 futures traded almost flat as well.
Due to better-than-expected quarterly earnings, Lyft and Wynn Resorts saw increases of more than 6% and 2%, respectively, in after-hours trading. After its first earnings report as a publicly traded company, Reddit saw a more than 14% increase in value.
These actions come after a quiet and uneventful Wall Street day. The Dow saw a 0.1% increase and recorded its fifth straight positive session, marking the longest winning streak since December. While the Nasdaq Composite fell by 0.1%, the S&P 500 increased by roughly 0.1% as well.
The session saw a leg down in the 10-year U.S. Treasury yield, which gave stocks some upward impetus. Disney, a massive entertainment company, missed Wall Street’s sales projections and issued soft forecasts, which hindered the market. As a result, its shares fell more than 9%.
“Stocks are going to celebrate any decline in yield, and you’ve seen that over the last several days,” as per Vital Knowledge creator Adam Crisafulli on CNBC’s “Closing Bell: Overtime.” “But eventually, to the extent you see growth slow further, there will be a disconnect between Treasurys and equities, with Treasurys continuing to rally while stocks get caught up a little bit.”
Investors are still focused on earnings moving into Wednesday, as Shopify and Uber are expected to release their results before the bell. Tech companies Airbnb, Instacart, and Bumble are among the after-the-bell reporters, along with so-called meme stock AMC.
This earnings season, almost 85% of S&P 500 companies have already released their quarterly results. Based on FactSet, almost 80% of those have outperformed Wall Street estimates.
Additionally, traders will be monitoring economic data on wholesale inventories that is expected on Wednesday morning. Throughout the day, speeches are anticipated from representatives of the Federal Reserve, including Vice Chair Philip Jefferson, President Susan Collins of the Boston Fed, and Fed Governor Lisa Cook.
