Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

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

Published 07/24/2022, 07:26 PM
Updated 07/24/2022, 07:26 PM
© Reuters

By Oliver Gray - 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), 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%.

Latest comments

Fed plan to hike rate by 1.2bps
bears shaking
bears shaking
Fed will hike rate by 1.2bps
down  0.01% is the market being down? that what you call unchanged not down please be responsible
0.1% dude, not 0.01%.
0.2 now..
 either way it did not tick down, as it was below these levels AH in the last session so if anything it upticked.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.