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Stock futures continue recovery as earnings rise

Posted on by darion

Schaeffer

Dow Jones futures enjoy another strong start

Stock futures enjoyed a second day of solid gains before the close, extending yesterday’s recovery in stocks and focus on an upbeat start to earnings season. The Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are comfortably in the black ahead of the market, while Dow Jones Industrial Average (DJIA) futures have a 283-point lead.

Read on to learn more about today’s market, including:

  • Billion-dollar investments have rebounded this EV stock.
  • 2 biotechnologies fresh from the big moves.

  • Plus, Airbnb’s earnings are poor; DIS misses quarterly expectations; and the ride-sharing giant sees a drop in Q3 guidance.

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5 things you need to know today

  1. More than 1.1 million call contracts and 819,602 put contracts were traded on the Cboe Options Exchange (CBOE) on Tuesday. Single-day put/call equity fell to 0.72, while the 21-day moving average remained at 0.66.

  2. Independent accommodation facility Airbnb Inc. (NASDAQ: ABNB) is down 14% premarket, set to trade at $112.26 after announcing a weaker-than-expected outlook for the third quarter. No fewer than 12 bearish notes were handed out in response, with equity set to widen its 4% deficit since the start of the year.

  3. Amusement park owner Walt Disney Co (NYSE:DIS) fell 0.9% to $89.20 in premarket trading, falling despite posting third-quarter earnings that were $1.39 better in earnings per share on revenue of $23.16 billion. Although it looked like it would be short-lived, DIS snapped a three-day losing streak yesterday, moving back to black year after year.

  4. Weak third-quarter revenue forecasts boost ride-sharing popularity Lyft Inc (NASDAQ:LYFT) falling before the open, down 14.3% to trade at $9.40, at last glance. The stock was dividing its expected third-quarter outlook between $90 million and $95 million, much lower expected $103.4 million according to analysts. LYFT is down 26% in 2024 year-to-date, and it is under pressure from its 20-day moving average.

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Flood of economic data boosts Asian stocks

Asian markets continued to rally on Wednesday, with Japan’s Nikkei rising 1.2% after the Finance Ministry revealed it had introduced an intervention in April and May to buy the yen to combat the currency’s decline against the U.S. dollar. Traders also panned out better-than-expected Chinese import data for July, although export data missed expectations, with Hong Kong’s Hang Seng rising 1.4% and China’s Shanghai Composite stabilising slightly above its break-even point, gaining 0.09%. Elsewhere, South Korea’s Kospi rose 1.8%.

European markets are also higher, mirroring the rebound on Wall Street. London’s FTSE 100 and Germany’s DAX were last up 1.1%, while France’s CAC 40 is up 1.4%.