Following the lackluster performance seen in the previous session, stocks are likely to move mostly higher in early trading on Wednesday. The major index futures are currently pointing to initial strength on Wall Street, with the S&P 500 futures up by 0.6 percent.
Technology stocks may help lead an early advance on Wall Street, as reflected by the 0.9 percent jump by the Nasdaq 100 futures.
The upward momentum in the tech sector comes as shares of Netflix (NFLX) are surging by 10.6 percent in pre-market trading.
Netflix is rallying after the streaming giant reported better than expected fourth quarter revenues on stronger than expected subscriber growth.
The strong results from Netflix may add to optimism about earnings from other tech companies, with IBM Corp. (IBM) among the companies releasing their quarter results after the close of today’s trading.
At the same time, shares of Texas Instruments (TXN) are moving sharply lower in pre-market trading after the chipmaker reported fourth quarter revenues that missed analyst estimates and provided disappointing first quarter guidance.
Telecom giant AT&T (T) may also move to the downside after reporting weaker than expected first quarter earnings and forecasting 2024 earnings below analyst estimates.
Stocks turned in a relatively lackluster performance during trading on Tuesday, with the major averages bouncing back and forth across the unchanged after ending Monday’s trading modestly higher. Despite the choppy trading, the S&P 500 reached a new record closing high.
The major averages eventually ended the session narrowly mixed. While the Dow dipped 96.36 points or 0.3 percent to 37,905.45, the Nasdaq climbed 65.66 points or 0.4 percent to 15,425.94 and the S&P 500 rose 14.17 points or 0.3 percent to 4,864.60.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Wednesday. Japan’s Nikkei 225 Index slid by 0.8 percent, while Hong Kong’s Hang Seng Index surged by 3.6 percent.
Meanwhile, the major European markets have all moved to the upside on the day. While the German DAX Index has jumped by 1.5 percent, the French CAC 40 Index is up by 0.8 percent and the U.K.’s FTSE 100 Index is up by 0.3 percent.
In commodities trading, crude oil futures are rising $0.37 to $74.74 a barrel after falling $0.39 to $74.37 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $2,037.10, up $11.30 compared to the previous session’s close of $2,025.80. On Tuesday, gold inched up $3.60.
On the currency front, the U.S. dollar is trading at 146.99 yen compared to the 148.35 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.0908 compared to yesterday’s $1.0854.
Business News
U.S. Stocks May See Initial Strength On Upbeat Netflix Results
2024-01-24 13:53:26
