Stock futures were little changed Wednesday morning following a deluge of corporate earnings reports, as investors awaited more big-tech results later in the day and key economic data releases.
Futures tied to the Dow Jones Industrial Average and S&P 500 were down slightly while those linked to the Nasdaq inched higher. The Nasdaq Composite surged to a record closing high yesterday, its first since July, while the S&P closed slightly higher and the Dow lost 0.4%.
Shares of Alphabet (GOOGL) were giving the Nasdaq a boost before the bell on Wednesday, rising nearly 7%, after the Google parent reported better-than-expected quarterly results. Shares of Advanced Micro Devices (AMD) were down more than 8% after a disappointing earnings report.
Microsoft (MSFT) and Meta Platforms (META), which are scheduled to report their results after the closing bell, were both up more than 2% in premarket trading. Amazon (AMZN) and Apple (AAPL), which are due to report tomorrow evening, were up 2% and down slightly, respectively.
Among other noteworthy movers this morning, Eli Lilly (LLY) shares tumbled more than 10% after the pharmaceuticals giant’s third-quarter results fell well short of analysts’ estimates. Reddit (RDDT) shares surged 20% after the social media platform reported strong results and a issued a rosy outlook.
The economic data calendar is also busy through the remainder of the week, kicking off with this morning’s GDP reading for the third quarter, which is due at 8:30 a.m. ET. The Federal Reserve’s preferred measure of inflation is scheduled for release tomorrow morning, ahead of the highly anticipated October jobs report on Friday.
Investors are watching all the data points closely as they look for signs that the economy remains on sound footing, as well as information that could influence the Fed’s upcoming decisions on interest rates.
The yield on 10-year Treasurys, which is correlated to expectations around where interest rates are headed, was at 4.23% this morning, down from 4.27% late yesterday. The yield has been rising in recent weeks as market participants have recalibrated their thinking about how aggressive the Fed will be in cutting its benchmark lending rate.
Gold futures were up slightly at around $2,790, trading at record high levels, while bitcoin was down slightly at around $72,000, after surging yesterday to just shy of an all-time high.