Inventory futures are flat after the S&P 500 closes at one other report excessive
Traders on the floor of the New York Stock Exchange.
Stock futures held steady in overnight trading on Thursday as the S&P 500 tries to end a successful week on a good end.
Futures on the Dow Jones Industrial Average only rose 20 points. S&P 500 futures and Nasdaq 100 futures were both little changed.
Disney shares rose more than 4% in after-hours trading after the media giant reported a blow-finish profit in the third quarter, shattering Wall Street’s expectations for subscriber growth, revenue and earnings.
Airbnb shares fell more than 3% after the travel company issued a volatility warning due to the Covid Delta variant.
The blue-chip Dow and S&P 500 are well on their way to ending a successful week after rising 0.8% and 0.6% to record highs, respectively, through Thursday. The tech-heavy Nasdaq Composite underperformed this week, down 0.1%.
Investors digested mixed economic data on Thursday. Weekly jobless claims were 375,000 last week, which is in line with estimates and declining for the third straight week. Meanwhile, the producer price index excluding volatile food, trade services and energy components rose 0.9% last month, compared to a forecast of 0.5%.
“The hot PPI / house price numbers have taken some luster from Wednesday’s CPI-induced ‘inflation has peaked’ and this has resulted in very modest profit taking in cyclical groups after two days of outperformance,” said Adam Crisafulli, founder of Vital Knowledge said in a note.
Stocks rise to records after a stellar earnings season. According to Refinitiv, earnings growth over the previous year should be 92.9%. So far, about 90% of the S&P 500 companies have filed their quarterly reports, and about 88% of them have surpassed Wall Street analysts’ earnings estimates, according to Refinitiv.