Futures for both Dow and S&P 500 go down by 0.1% on Wednesday after closing at a record high. stock futures were administered slightly lower, as Dow went up by 15 points by the end of Tuesday evening.
Inflation and supply chain were being factored into the overall U.S. corporation earnings, but the recent quarterly earnings have helped remove that worry, even if partially. stock futures alone have not taken the brunt of the instability and economic fluctuations.
In October alone, stock futures against S&P 500 rose by 6.2%, due to reaching the biggest monthly high. Head of the multi-asset team at Janus Henderson Global Investors, Paul O’Connor commented saying, “Investors got fairly gloomy in September, clearly against the backdrop of all sorts of macro concerns. The broader story from results is that companies are managing these dynamics pretty well, and also managing expectations fairly well.”
Other concerns and factors that might affect earnings will be dissected after corporations report their situation. S&P’s 0.18% rise was recorded as the 70th intraday high of the benchmark index. Microsoft and Alphabet have been the top tech performers so far, with Microsoft’s premarket trading rising by 2.3%.
“This earnings season has been about pricing momentum and whether consumers can handle surging costs. So far it seems the consumer can handle it,” Commented Ed Moya, senior analyst at Oanda.
Apart from the stock futures too, many big names are due to their placement after the market closes. Among them, Ford, eBay, and Yum China will reportedly announce quarter-year updates after as others are already ahead on it. The durable goods data from the U.S. economic front is expected at 8:30 a.m. ET., as overseas markets have had their major declines.