S&P 500 futures were little changed early Thursday as Big Tech companies reported a mixed bag of earnings Wednesday and investors again turned their attention to the ongoing feud between President Donald Trump and the Federal Reserve.
Futures tied to the S&P 500 was flat, while Nasdaq 100 futures rose 0.26% higher. Futures tied to the Dow Jones Industrial Average fell 1783 points, or 0.41%.
“Magnificent Seven” megacap stocks Alphabet and Tesla reported their earnings after Wednesday’s bell.
Alphabet rose 3.5% after posting a second-quarter earnings and revenue beat, while Tesla was last down 6% in volatile trading after investors were disappointed by a drop in auto revenue for the second straight quarter. IBM shares slipped 5%, weighing on Dow futures, after the company’s second quarter software revenue missed expectations.
On the political front, the White House said that President Donald Trump will visit the Federal Reserve on Thursday, escalating his pressure campaign against Chairman Jerome Powell.
This is the first time in nearly two decades that an American president will be making an official trip to the central bank.
Dow, Honeywell, American Airlines and Union Pacific are just a few of the companies set to report earnings Thursday before the bell. Traders will also watch out for weekly jobless claims data, the latest reading on July’s purchasing managers’ index data and June’s new home sales.
Stocks are coming off a strong performance Wednesday, fueled by progress on trade talks.
The S&P 500 added 0.78% to hit its 12th record close of the year. The Dow Jones Industrial Average gained 1.14%, or 507.85 points — about four points away from a new record close. The Nasdaq Composite rose 0.61% and settled above the 21,000 level for the first time.
On Tuesday night, Trump said in a Truth Social post that his administration had reached a “massive Deal” with Japan, which includes 15% “reciprocal” tariffs on goods from the nation.
The major averages also caught a tailwind when the Financial Times reported that the U.S. was making progress towards a deal with the EU. Bloomberg confirmed the progress, citing diplomats briefed on the negotiations. This trade deal would introduce similar levies of 15% on goods coming to the U.S. from the bloc.
These tariff developments could help keep investor sentiment high from here, said Jeremy Siegel, Wharton School professor of finance and WisdomTree senior economist.
“We’re beginning to see some clarity here with these deals being made, and that’s certainly bullish. And certainly that keeps the momentum going in the stock market,” he said Wednesday afternoon on CNBC’s “Closing Bell.”
Thursday earnings calendar preview
Thursday will be another big day for the second-quarter earnings season.
Here are some of the ciompanies reporting earnings before Thursday’s opening bell:
HoneywellDowAmerican AirlinesNasdaqBlackstoneUnion PacificKeurig Dr. PepperL3Harris TechnologiesHere are some of the names reporting earnings after Thursday’s closing bell:
IntelBoyd GamingVeriSignEdwards LifesciencesMohawk IndustriesSLMNewmontWeyerhaeuser— Lisa Kailai Han
Stocks making the biggest moves after the bell: ServiceNow, IBM and more
These are the stocks moving the most in extended-hours trading:
ServiceNow — The software company jumped 7%. ServiceNow lifted its full-year guidance for subscription revenue, calling for a range of $12.775 billion to $12.795 billion.International Business Machines — The tech stalwart slipped 5% after second-quarter software revenue missed expectations.Chipotle Mexican Grill — Shares of the burrito chain dropped 9%. Chipotle cut its outlook for same-store sales growth for the full year.Read the full list of stocks moving here.
— Lisa Kailai Han
Health-care sector posts best day since mid-May
Nine out of 11 S&P 500 sectors ended Wednesday’s trading in positive territory, led by health care.
Health care rose 2% in Wednesday’s trading for its best day since May 12. Thermo Fisher Scientific led the advance in the sector. The biotechnology stock jumped 9.1% after Thermo Fisher posted second-quarter results that topped Wall Street’s expectations.
Moderna and Centene also posted solid gains in the session, with both up nearly 6%.
—Darla Mercado
S&P 500 futures are little changed on Wednesday night
Futures tied to the S&P 500 were little changed shortly after 6 p.m. ET on Wednesday night.
S&P 500 futures ticked 0.1% higher, while Nasdaq 100 futures added 0.4%. Futures tied to the Dow Jones Industrial Average fell 110 points, or 0.2%.
— Lisa Kailai Han
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