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Dow Futures Lift as Fears of Slowing Growth Remain

Stock Markets May 24, 2022 06:48PM ET
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© Reuters.

By Oliver Gray 

Investing.com - Dow futures moved higher in Tuesday’s evening deals after major benchmark indices finished mixed, with technology companies retreating after social media company Snap Inc (NYSE:SNAP) warned of slowing growth.

By 6:45pm ET (10:45pm GMT) Dow Jones Futures were up 0.4%, S&P 500 Futures lifted 0.6% and Nasdaq 100 Futures gained 0.7%.

In extended deals, Urban Outfitters Inc (NASDAQ:URBN) lifted 6.1% despite reporting Q1 EPS of $0.33 and missing expectations of $0.42, while revenues came in at $1.05 billion versus $1.07 billion expected.

Intuit Inc (NASDAQ:INTU) added 2.6% after reporting Q3 EPS of $7.65, beating analyst estimates of $7.58. Revenue for the quarter came in at $5.63 billion versus $5.51 billion expected.

Nordstrom Inc (NYSE:JWN) popped 9.8% after the company reported Q1 losses per share of 6 cents versus 5 cents expected, while revenue came in at $3.57 billion versus estimates of $3.29 billion. Nordstrom CEO Erik Nordstrom said the company has experienced a surge in demand from shoppers refreshing their closets for “long-awaited occasions.”

Toll Brothers Inc (NYSE:TOL) moved 5.5% higher after reporting Q2 EPS of $1.85, beating estimates of $1.5. Revenue for the quarter came in at $2.28 billion versus $2.08 billion expected.

Caleres Inc (NYSE:CAL) lifted 11.6%, reporting Q1 EPS of $1.32 versus $0.83 expected on revenues of $735.1 million versus $686.58 million expected.

Agilent Technologies Inc (NYSE:A) lifted 1% after the company reported Q2 EPS of $1.13, above analyst expectations of $1.12. Revenue came in at $1.61 billion versus $1.62 billion expected.

Looking ahead, market participants will be closely monitoring durable goods orders as well as the latest meeting minutes from the Federal Open Market Committee. Corporate earnings will also be in focus with Dick’s Sporting Goods Inc (NYSE:DKS) set to report earnings Wednesday before the bell while Snowflake Inc (NYSE:SNOW) and NVIDIA Corporation (NASDAQ:NVDA) are slated to post results after the bell.

During Tuesday’s regular session, the Dow Jones Industrial Average added 48.4 points, or 0.2%, to 31,928.62, the S&P 500 moved 0.8% lower to 3,941.48 and the NASDAQ Composite fell 270.8 points or 2.4% to 11,264.45.

Heavyweight technology companies led the declines with Block Inc (NYSE:SQ) down 9%, Amazon.com Inc (NASDAQ:AMZN) falling 3.2%, Meta Platforms Inc (NASDAQ:FB) down 7.6% and Alphabet Inc (NASDAQ:GOOGL) dipping 5%.

On the bond markets, United States 10-Year yields eased considerable amid growing recession fears, falling to 2.754%.

 
Dow Futures Lift as Fears of Slowing Growth Remain
 

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