Traders work on the floor of the New York Stock Exchange at the opening bell on November 13, 2024, in New York City.
Angela Weiss | AFP | Getty Images
Stock futures edged lower on Thursday evening with Wall Street poised to end the week with gains in the three major averages.
Futures tied to the Dow Jones Industrial Average was down marginally while S&P 500 futures also slipped slightly. Nasdaq 100 futures were lower by 0.14%.
The moves in futures come after a modestly positive day on Wall Street.
On Thursday, the Dow rose about 462 points, or 1.06%, and the S&P 500 added 0.53%. The Nasdaq Composite was little changed, closing 0.03% higher. Shares of Nvidia closed up 0.5% after an earnings beat, as the U.S. market’s biggest company was able to hold up its end of the bargain for earnings season.
All three major averages are on track for a positive week, led by the Nasdaq Composite’s gain of 1.56%. That’s a change from last week, when Wall Street’s postelection rally appeared to stall.
“I think markets are finally finding their footing for two reasons: One is recovery from that postelection hangover after the first week, and [two is] reaction to Nvidia’s earnings,” Nuveen CIO Saira Malik said on “Closing Bell.”
Earnings reports were driving market action in extended trading. Shares of Gap jumped 15% after the company beat earnings estimates and hiked its full-year sales guidance. However, Intuit slid more than 5% even after its quarterly report beat expectations on the top and bottom lines.
On Friday, investors will get a look at preliminary purchasing managers index reports for November, as well as an updated consumer sentiment reading.
Investors will also keep an eye on bitcoin, which is trading just under the long-awaited milestone of $100,000.