Dow Futures Tick Higher After Selloff Resumes
2022.06.17 02:01
By Oliver Gray
Investing.com – U.S. stock futures were trading slightly higher during Thursday’s overnight deals after major benchmark indices closed lower during regular trade, refreshing multi-month lows as recession fears continue to grow.
By 6:50pm ET (10:50pm GMT) S&P 500 Futures and Dow Jones Futures were 0.3% higher while Nasdaq 100 Futures lifted 0.4%.
In extended deals, Adobe Systems Incorporated (NASDAQ:ADBE) traded 3.8% lower after reporting Q2 EPS of $3.35 versus $3.31 expected on revenues of $4.39 billion versus estimates of $4.35 billion. However, forecasts came in lighter than expected with Q3 2022 EPS seen at $3.33 versus $3.40 and revenue at $4.43 billion versus $4.51 billion.
United States Steel Corporation (NYSE:X) added 6.8% as earnings estimates for the second quarter came in higher than expected, with adjusted EBITDA expected around $1.6 billion, while adjusted EPS is expected to range from $3.83 to $3.88, versus $3.20 expected.
Ahead in the session, traders will be monitoring fresh industrial production data for May.
During Thursday’s regular deals, the Dow Jones Industrial Average dropped 2.4% or 741.5 points to 29,927.1, the S&P 500 fell 3.3% to 3,666.8 and the NASDAQ Composite shed 4.1% to 10,646.1, hitting the lowest levels since September 2020. For the week, the Dow has declined 4.7%, the S&P 500 is 5.7% lower and the Nasdaq Composite is down 6.1%.
Technology heavyweights tumbled, with Amazon.com Inc (NASDAQ:AMZN) down 3.7%, Alphabet Inc (NASDAQ:GOOGL) falling 3.4%, Microsoft Corporation (NASDAQ:MSFT) dropping 2.7% and Tesla Inc (NASDAQ:TSLA) shedding 8.5%.
Financial giants also retreated with JPMorgan Chase & Co (NYSE:JPM) falling 1.7%, Citizens Financial Group Inc (NYSE:CFG) down 3.4%, Bank of America Corp (NYSE:BAC) dipping 0.6%, Citigroup Inc (NYSE:C) losing 1.5% and Wells Fargo & Company (NYSE:WFC) retreating 1.4%.
On the data front, housing starts dropped 14.4% in May, steeper than 2.6% expected, while the Philadelphia Fed Business Index for June came in at negative 3.3, posting the first contraction since May 2020.
On the bond markets, United States 10-Year rates eased to 3.195%.
