Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Dow Futures Down 85 Pts; Price Increases Help Tesla Impress

Published 2022-07-21, 07:12 a/m
Updated 2022-07-21, 07:12 a/m
© Reuters

© Reuters

By Peter Nurse    

Investing.com -- U.S. stocks are seen opening marginally lower Thursday, consolidating after recent gains as investors digest a flurry of quarterly corporate earnings.

At 07:00 AM ET (1100 GMT), the Dow Futures contract was down 85 points, or 0.3%, S&P 500 Futures traded 6 points, or 0.2% lower, while Nasdaq 100 Futures outperformed, climbing 4 points, or 0.1%.

The main indices on Wall Street closed higher Wednesday, continuing a July rebound, with the second quarter having largely held up, calming fears about an impending recession.

The blue-chip Dow Jones Industrial Average closed just under 50 points, or 0.2% higher, while the broad-based S&P 500 rose 0.6%, both gaining for the third day in four. The tech-heavy Nasdaq Composite gained 1.6%, its fourth positive session in five, and up just under 4% this week to date.

Earnings reports continued after the bell Wednesday, with electric car maker Tesla (NASDAQ:TSLA) reporting a smaller-than-expected drop in quarterly profit as a string of price increases on its electric vehicles helped offset production challenges caused by supply chain issues, COVID-19 lockdowns in China.

Aluminum producer Alcoa (NYSE:AA) and railroad operator CSX (NASDAQ:CSX) traded higher premarket after both companies beat expectations after the close, while on the flip side United Airlines (NASDAQ:UAL) slumped after the carrier posted a lower-than-expected quarterly profit, its first without U.S. aid since the pandemic began, weighed by higher operating costs.

The earnings continue Thursday, with AT&T (NYSE:T), Philip Morris (NYSE:PM), Snap (NYSE:SNAP), and American Airlines (NASDAQ:AAL) among the companies set to report.

Weekly initial jobless claims and the Philadelphia Fed Manufacturing Index for July are the main U.S. economic numbers due for release Thursday. 

However, much of the early attention Thursday may be fixed on Europe as the European Central Bank is set to hike interest rates for the first time since 2011, while Mario Draghi resigned as Prime Minister of Italy, ending a period of relative political stability and calm in the Eurozone's third-largest economy. 

Oil prices fell Thursday for the second consecutive session after U.S. government data raised demand concerns at the world’s largest consumer during the peak summer driving season.

U.S. gasoline inventories rose 3.5 million barrels last week, according to Wednesday’s data from the U.S. Energy Information Administration, a much sharper increase than had been expected.

By 07:00 AM ET, U.S. crude futures traded 4.6% lower at $95.30 a barrel, while the Brent contract fell 4.3% to $102.36.

Additionally, gold futures fell 1.2% to $1,680.30/oz, while EUR/USD traded 0.1% higher at 1.0185.

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.