Stock futures rise as investors see disappointing tech earnings, pitting meta stocks

Traders on the floor of the NYSE, September 13, 2022.

Source: NYSE

Stock futures rose early on Thursday as investors appeared to brush off the disappointing results. Meta platforms.

Shares Facebook’s parent company collapsed Almost 20% of extended trade a Weak fourth quarter forecast. Service now Stocks, meanwhile, Earnings rose more than 10% after the beat.

Futures linked to the Nasdaq 100 traded 0.41% higher, while S&P 500 futures rose 0.53%. Futures linked to the Dow Jones industrial average rose 183 points, or 0.57%.

Stocks were mixed in the regular trading session on Wednesday, as traders reported a disappointing quarter Statements from Alphabet And Microsoftand assessed what future Federal Reserve rate hikes could mean for economic growth.

Both the Nasdaq Composite and the S&P 500 ended their three-day hitting streaks lower by 2.04% and 0.74%, respectively. The Dow Jones Industrial Average edged higher, closing 2.37 points higher at 31,839.11 and ending its fourth straight positive session since September.

For the week, all major averages are in positive territory, with the Dow and S&P up more than 2% and the Nasdaq roughly 1% higher. The Dow is on pace for its fourth consecutive positive week since its five-week streak ended in November 2021.

“Investors are still struggling for direction and want clarity on earnings and what the Fed is going to do going forward,” said Adam Sarhan, CEO of 50 Park Investments. “Remember, the market is a forward-looking mechanism and earnings reports tell us what happened in the past. Investors want clarity and certainty. Right now, we still have uncertainty at many levels.”

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Big tech earnings continue Thursday with results from Amazon and Apple. Earnings from Intel, McDonald’s, Merck and Caterpillar are also on deck.

Along with earnings, investors have their eyes on an improved reading of third-quarter gross domestic product, which is expected to provide further clues to the state of the US economy.

Weekly initial jobless claims and September durable goods are scheduled for Thursday.

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