Dow futures gain as the market tries to snap long weekly losing streaks

Futures tied to the Dow Jones Industrial Average and S&P 500 rose slightly Thursday, as Wall Street tried to rebound from a long string of weekly declines.

Dow futures rose 141 points, or 0.4%. S&P 500 climbed 0.4%. Nasdaq rose 0.1%.

The Dow has fallen the last eight weeks, while the S&P 500 and Nasdaq are riding seven-week losing streaks.

However, the market seems to have somewhat regained its footing this week, as investors hope inflation is starting to peak and that there’s good value to be found at these levels. The Dow and S&P 500 are up 2.75% and 2%, respectively, for the week. The Nasdaq is also up 0.7%.

The Dow has also posted gains in the last four sessions.

The move in futures comes after some disappointing quarterly reports from the technology sector. Shares of chipmaker Nvidia dropped 5.6% in the premarket after the company delivered weaker-than-expected guidance for the second quarter. The company’s CFO said Nvidia would slow hiring.

Similarly, software stock Snowflake tumbled 14% after the company’s guidance for operating margin came in narrower than expected.

On the flipside, Macy’s shares surged 15% after the company raised its 2022 profit outlook, and Williams-Sonoma jumped 8.3% after beating estimates on the top and bottom lines.

Though first-quarter earnings for the market as a whole have been largely in line with historical trends, there have been dramatic pullbacks for some major stocks after earnings reports as investors look for the impact of inflation and slowing economic growth.

“If there’s any reason to sell, they’re embracing it,” said Jeremy Gonsalves, national director of portfolio management at BNY Mellon Wealth Management.

Stocks rose Wednesday, with the Nasdaq gaining 1.5% to lead the way. The S&P 500 added 0.9%, while the Dow gained 0.6%.

Investors will get an updated look at weekly jobless claims and a second read on first-quarter GDP. Data on pending home sales will follow later in the morning.

For all the latest Sports News Click Here 

Read original article here

Denial of responsibility! Technocharger is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Comments are closed.