S&P 500 futures are little changed after three straight days of losses post index: Live Update
Traders work on the floor of the New York Stock Exchange (NYSE) on October 23, 2024 in New York City, United States.
Brendan McDermid Reuters
Futures linked to the S&P 500 rose Thursday morning as the index snapped a three-day losing streak.
S&P 500 futures Added 0.25%, while Nasdaq 100 futures Gained 0.56%. Dow futures Slid 42 points, or roughly 0.1%.
In after hours trading, Tesla The electric vehicle maker rose 12% in the third quarter after beating Street profit expectations. The tech giant International business machine Analysts' estimates fell by more than 2% due to narrowly missing revenue guidance.
The Dow ended Wednesday's session with its biggest one-day loss since early September, down more than 400 points, or 0.96%. D S&P 500 Slipped 0.92%, and Nasdaq Composite decreased by 1.6%. It was the third straight day of losses for the Dow and S&P 500.
The 10-year Treasury yield moved higher this week, topping the 4.25% threshold at Wednesday's session high. Rising yields have kept stocks under pressure of late.
Paul Hickey, co-founder of Bespoke Investment Group, said he wouldn't read too much into the recent stock selloff.
“It's a rough day today, but you just have to put it in the context of what we've seen over the last six weeks. Part of this rally has been driven by earnings results — to begin with, the big banks — were very strong, and the reaction to their stock prices was also positive,” “It's a rough day, but these days happen,” he said Wednesday afternoon on CNBC's “Closing Bell: Overtime.”
Hickey warned that the market could experience some rebound after November's US presidential election. Still, he assured that the market will find its footing after the fact.
“When the election comes, you can stand the point of despair [see a] Selling news reactions. But I don't think it's going to be anything too bad. The overall market background is very good in terms of breadth, earnings, economics and the Fed is behind the market,” he said.
More earnings results are expected on Thursday. United Parcel Service, Honeywell, Northrop Grumman, Southwest Airlines And American Airlines Among the companies reported before the market open.
On the economic front, weekly jobless claims will be due on Thursday morning. Data on new home sales and building permits are also scheduled for release.