Traders work on the floor of the New York Stock Exchange during afternoon trading on April 9, 2024.
Michael M. Santiago | Getty Images
Dow Jones Industrial Average futures sat near flat Tuesday night after the blue-chip average clinched its longest winning streak since December.
Futures tied to the 30-stock average lost 10 points, inching just below its flatline. S&P 500 futures and Nasdaq 100 futures also both traded near flat.
In after-hours trading, Lyft and Wynn Resorts added more than 6% and 1%, respectively, on the back of stronger-than-expected quarterly results. Reddit surged more than 12% following its first earnings report as a public company.
Those moves follow a muted and mixed day on Wall Street. The Dow ticked higher by nearly 0.1% and posted its fifth positive session, which marks its longest winning run going back to December. The S&P 500 also inched up by about 0.1%, while the Nasdaq Composite slipped 0.1%.
The 10-year U.S. Treasury yield took a leg down in the session, providing upward momentum for stocks. But the market was hampered by a slide of more than 9% in Disney shares after the entertainment giant missed Wall Street’s revenue expectations and offered soft guidance.
“Stocks are going to celebrate any decline in yield, and you’ve seen that over the last several days,” said Adam Crisafulli, founder of Vital Knowledge, 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.”
Earnings remain top of mind for investors heading into Wednesday, with Uber and Shopify slated to post results before the bell. After-the-bell reporters include technology names Airbnb, Instacart and Bumble, in addition to so-called meme stock AMC.
Nearly 85% of S&P 500 corporations have already shared quarterly results this earnings season. Of those, approximately 80% have surpassed Wall Street expectations, according to FactSet.
Traders will also watch for economic data on wholesale inventories due Wednesday morning. Federal Reserve officials including Vice Chair Philip Jefferson, Boston Fed President Susan Collins and Fed Governor Lisa Cook are all expected to give remarks throughout the day.
Source Agencies
