New York City, U.S. – Traders on Wall Street saw a positive uptick in futures linked to the S&P 500 on Thursday, signaling a potential rebound after three consecutive days of losses. The rise in futures was driven by strong earnings reported by companies like Tesla and others.
S&P 500 futures rose by 0.4%, while Nasdaq 100 futures saw a 0.7% increase. On the other hand, Dow futures experienced a slight decline of 0.1%. Electric vehicle giant Tesla saw a significant surge of 10% after exceeding analyst expectations with its third-quarter results. Other companies like Whirlpool and Lam Research also saw gains of 3.5% and 5.9%, respectively.
However, International Business Machines saw a decrease of over 2% as their consulting revenue missed analyst estimates, putting pressure on Dow futures. More earnings reports are expected to be released on Thursday by companies like United Parcel Service, Honeywell, Northrop Grumman, Southwest Airlines, and American Airlines.
Amidst a backdrop of rising Treasury yields, stocks have been under pressure. The 10-year Treasury yield surpassed 4.25%, leading to losses in major indices during the previous trading session. Despite the recent sell-off, market experts like Paul Hickey from Bespoke Investment Group advise against overreacting, attributing the downturn to temporary market fluctuations.
Hickey remains optimistic about the market’s resilience, attributing recent volatility to short-term factors like the upcoming U.S. presidential election. While a slight pullback may be expected post-election, he reassures that the market is likely to stabilize and continue its upward trajectory following any uncertainties.