Dow Futures Tick Higher Following Market Sell-Off
2022.05.10 02:06
By Oliver Gray
Investing.com – Dow futures were trading slightly higher during Monday’s evening deals, after major benchmark indices declined steeply during regular trade, with the S&P 500 falling to yearly lows as investors continued to rotate away from risky technology stocks amid rising Treasury yields.
Dow Jones Futures added 0.3%, S&P 500 Futures gained 0.4% and Nasdaq 100 Futures lifted 0.5%.
In extended deals, AMC Entertainment Holdings Inc (NYSE:AMC) lifted 3% after reporting its “strongest first quarter in two full years” as consumers return to movie theaters. Q1 losses per share came in at 52 cents versus estimates of 63 cents, while revenue for the quarter came in at $785.7 million versus $736.23 million expected.
Novavax Inc (NASDAQ:NVAX) shed 17.4% after reporting an earnings miss. Adjusted earnings came in at $2.56 per share versus $3.41 expected, on revenues of $704 million versus $895.2 million expected.
Upstart Holdings Inc (NASDAQ:UPST) tanked 43.6% after reporting Q1 EPS of 61 cents versus 54 cents expected on revenues of $310 million versus the consensus estimate of $300.25 million.
Shockwave Medical Inc (NASDAQ:SWAV) advanced 11.3% after reporting Q1 EPS of 41 cents versus 18 cents expected. Revenue for the quarter came in at $93.6 million versus $86.41 million expected.
Groupon Inc (NASDAQ:GRPN) dipped 13.3% after reporting Q1 losses per share 80 cents versus 52 cents expected, while revenue came in at $153.3 million versus $165.81 million expected.
Hims Hers Health Inc (NYSE:HIMS) gained 6.5% after reporting Q1 losses per share of 8 cents versus estimates of 7 cents. Revenue for the quarter came in at $101.3 million versus the consensus estimate of $91.17 million.
Plug Power Inc (NASDAQ:PLUG) dropped 7.7% after reporting Q1 losses per share of cents 27, $0.43 worse than the analyst estimate of 16 cents. Revenue for the quarter came in at $140.8 million versus the estimates of $144.49 million.
Microchip Technology Inc (NASDAQ:MCHP) gained 2.6% as the company reported Q4 EPS of $1.35, beating analyst estimates of $1.25, while revenues for the quarter came in at $1.84 billion versus the consensus estimate of $1.82 billion.
During Monday’s regular trade, the Dow Jones Industrial Average dropped 653.67 points to 32,245.70, or 1.99%. The S&P 500 fell 3.2% to 3,991.24, while the NASDAQ Composite lost 4.29% to 11,623.25.
Major tech stocks were battered as Tesla Inc (NASDAQ:TSLA) shed 9.1%, Block Inc (NYSE:SQ) fell 12.8%, Amazon.com Inc (NASDAQ:AMZN) fell 5.2% and Microsoft Corporation (NASDAQ:MSFT) lost 3.7%.
On the bond markets, United States 10-Year yields were steady at multi-year highs of 3.034%.
