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Dow Futures Tick Lower Ahead of Fed Hike, Earnings Season Heats Up

Stock Markets Jul 24, 2022 07:26PM ET
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By Oliver Gray

Investing.com - U.S. stock futures were mixed during Sunday’s evening deals, following a positive week among major U.S. indices as market participants prepare for the busiest week of corporate earnings, while further interest rate hikes are expected at Wednesday’s Federal Reserve interest rate decision.

By 7:10pm ET (11:10pm GMT) Dow Jones Futures and S&P 500 Futures were down 0.1% apiece, while Nasdaq 100 Futures added 0.1%.

Ahead in the week, the Federal Reserve is widely expected to deliver a 75 basis point hike after concluding its two-day policy meeting on Wednesday. Additionally, major companies including Apple Inc (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT), Alphabet Inc (NASDAQ:GOOGL), Amazon.com Inc (NASDAQ:AMZN), Meta Platforms Inc (NASDAQ:META), 3M Company (NYSE:MMM), Boeing Co (NYSE:BA), Forward Industries Inc (NASDAQ:FORD), and Intel Corporation (NASDAQ:INTC), are slated to publish their quarterly results.

On the data front, the preliminary estimate of GDP is expected to show an expansion of 0.4% in Q2, reversing a decline of 1.6% in the previous period. In addition, CB consumer confidence, new and pending home sales, durable goods orders as well as the Chicago, Dallas, Richmond, and Kansas Fed Manufacturing indices will also be closely monitored.

During Friday’s session, major benchmark averages fell on the back of weaker-than-expected earnings from Snap Inc (NYSE:SNAP). The Dow Jones Industrial Average lost 137.61 points or 0.4% to 31,899.3. The S&P 500 declined 0.9% to 3,961.6, while the NASDAQ Composite traded 1.87% lower at 11,834.11. For the week, the Dow gained 2%, the S&P 500 advanced 2.6%, and the Nasdaq lifted 3.3%.

Among stocks, Snap Inc shed 39.1% after reporting earnings.

Twitter Inc (NYSE:TWTR) gained 0.8% despite announcing weaker-than-anticipated earnings, revenue, and user growth.

Verizon Communications Inc (NYSE:VZ) lost 6.7% after earnings missed Wall Street's projections.

On the bond markets, United States 10-Year rates were at 2.752%.

Dow Futures Tick Lower Ahead of Fed Hike, Earnings Season Heats Up
 

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Comments (6)
Sachin Nandedkar
Sachin Nandedkar Jul 24, 2022 9:23PM ET
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Fed plan to hike rate by 1.2bps
It goes kk
It goes kk Jul 24, 2022 8:47PM ET
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bears shaking
It goes kk
It goes kk Jul 24, 2022 8:47PM ET
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It goes kk
It goes kk Jul 24, 2022 8:46PM ET
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bears shaking
Sachin Nandedkar
Sachin Nandedkar Jul 24, 2022 8:45PM ET
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Fed will hike rate by 1.2bps
Jin Oda
Jin Oda Jul 24, 2022 8:32PM ET
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down  0.01% is the market being down? that what you call unchanged not down please be responsible
Jim Berm
Jim Berm Jul 24, 2022 8:32PM ET
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0.1% dude, not 0.01%.
Jeff Chevalier
Jeff Chevalier Jul 24, 2022 8:32PM ET
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0.2 now..
Jin Oda
Jin Oda Jul 24, 2022 8:32PM ET
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Jim Berm  either way it did not tick down, as it was below these levels AH in the last session so if anything it upticked.
 
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