June 23, 2024

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Mixed Earnings News May Lead To Choppy Trading On Wall Street

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After ending the previous session mostly higher, stocks may turn in a relatively lackluster performance in early trading on Wednesday. The major index futures are currently pointing to a mixed open for the markets.

While the Dow futures up by 0.3 percent, the S&P 500 futures down by 0.2 percent and the Nasdaq 100 futures down by 0.5 percent.

A mixed reaction to the latest batch of earnings news may contribute to choppy trading on Wall Street following a largely positive reaction to the results on Tuesday.

Shares of Microsoft (MSFT) are moving sharply higher in pre-market trading after the software giant reported better than expected fiscal first quarter results.

Aerospace giant Boeing (BA) is also likely to see initial strength after reporting a wider than expected third quarter loss but revenues beat expectations.

On the other hand, shares of Alphabet (GOOGL) are seeing considerable pre-market weakness after the Google parent reported third quarter earnings that exceeded estimates but weaker than expected revenue from its cloud business.

Chipmaker Texas Instruments (TXN) may also come under pressure after reporting mixed third quarter results and providing disappointing fourth quarter guidance.

Shortly after the start of trading, the Commerce Department is scheduled to release its report on new home sales in the month of September.

New home sales are expected to rise to an annual rate of 680,000 in September after plunging to a rate of 675,000 in August.

Following the mixed performance seen during Monday’s session, stocks moved mostly higher over the course of the trading day on Tuesday. The major averages all moved to the upside, with the Dow and the S&P 500 bouncing off their lowest closing levels in over four months.

The major averages all finished the day firmly in positive territory. The Nasdaq advanced 121.55 points or 0.9 percent to 13,139.87, the S&P 500 climbed 30.63 points or 0.7 percent to 4,247.68 and the Dow rose 204.97 points or 0.6 percent to…

2023-10-25 08:50:43

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