US pre-open: Futures trade lower as Q1 earnings season continues
By Iain Gilbert
Date: Wednesday 08 May 2024
(Sharecast News) - Wall Street futures were in the red ahead of the bell on Wednesday after the Dow Jones registered its fifth-straight winning session.
As of 1230 BST, Dow Jones futures were down 0.05%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.17% and 0.21% lower, respectively.
The Dow closed 31.99 points higher on Tuesday as the blue-chip index recorded its longest winning streak since December.
Earnings were again in focus early on Wednesday, with rideshare giant Lyft and hotel operator Wynn Resorts trading higher on the back of stronger-than-expected quarterly results, while Reddit shares rallied in premarket following its first earnings as a public company.
Uber and Shopify will post results before the open, while Airbnb, Bumble and AMC will report after the close.
Zaye Capital's Name Aslam said: "Investors and traders continue to support riskier assets, while the focus among them is very much on earnings and economic data. The fact that the Dow Jones industrial average has posted its fourth consecutive winning session-the longest winning streak in weeks-has lifted spirits among traders who think that the days may be numbered for rates to remain higher for longer."
On the macro front, mortgage applications rose by 2.6% in the week ended 3 May, according to the Mortgage Bankers Association of America, recovering from a 2.3% decline in the previous week and snapping a two-week-long streak of sharp declines. Applications for mortgages to purchase a new home rose by 1.8%, while applications to refinance a home jumped by 4.5%
Still to come, March wholesale inventories data will be published at 1500 BST, while Federal Reserve bankers Philip Jefferson, Susan Collins, and Lisa Cook will deliver speeches at 1600 BST, 1645 BST, and 1830 BST, respectively.
Reporting by Iain Gilbert at Sharecast.com
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