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Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, July 24, 2024.
Spencer Pratt | Getty Images
Stock futures were mixed on Thursday as investors awaited the release of key data and tried to recover after a tough session on Wall Street.
S&P 500 Futures It fell by 0.2%, while Nasdaq 100 Futures Down 0.3%. Dow Jones Industrial Average Up 47 points, or 0.1%.
Ford The company’s shares fell 13% as Second quarter earnings Much lower than analysts’ expectations. jalapeno pepperAt the same time, Exceeding earnings and revenue expectations Because of the increase in customer traffic in its restaurants. IBM and Immediate service It also rose as it exceeded expectations.
Wednesday trading session dramatically drop for S&P 500 and Nasdaq Composite IndexDriven by disappointing quarterly reports letter and TeslaThis led to gains in other heavyweight technology and artificial intelligence stocks, such as Nvidia and Microsoft Both the broad market index and the tech-heavy benchmark posted their worst trading day since 2022, while Dow Jones Industrial Average It closed down about 504 points that day.
Investors have been viewing the recent decline as a sign of a long-overdue correction in an overbought market that is currently rotating away from large technology stocks. Enter small-cap stocks and more cyclical areas of the market.
“We do have a lot of uncertainty right now… Also, I think people are skeptical about what AI can deliver in terms of profitability and productivity at least in the short term,” Yung-Yu Ma, chief investment officer at BMO Wealth Management, said on CNBC’s “The Future of AI.” “Right now the market is in a ‘show’ mode, hoping to see that happen, or see proof of that in a shorter time frame.”Closing Bell“”.
However, Ma said there are some healthy areas in the market, such as cruise lines and U.S. infrastructure. He added that large technology stocks will continue to “struggle for a while” until they regain their footing and there is more evidence of their performance related to artificial intelligence.
Although some big tech companies this week reported earnings that missed expectations, overall earnings have been good so far, boosting investor enthusiasm. More than 25% of companies in the U.S. stock market have S&P 500 Second-quarter earnings have been reported, according to FactSet data.
Unemployment claims data and preliminary second quarter GDP data will be released before the market opens.
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