Stock futures fall slightly as Wall Street braces for a busy week of earnings, Fed meeting

Stock futures fall slightly as Wall Street braces for a busy week of earnings, Fed meeting


Traders on the floor of the NYSE, July 6, 2022.

Source: NYSE

U.S. stock futures fell slightly on Sunday night, coming off a positive week for the major averages, as traders brace for the busiest week of corporate earnings, as well as insights into further interest rate hikes from the Federal Reserve.

Dow Jones Industrial Average futures slid 64 points, or 0.2%. S&P 500 and Nasdaq 100 futures dipped 0.21% and 0.11%, respectively.

On Friday, the major averages fell on the back of weaker-than-expected earnings from Snap that sent tech shares tumbling. The Dow lost 137.61 points, or 0.43%. The S&P 500 declined 0.93% to 3,961.63, while the Nasdaq Composite traded 1.87% lower at 11,834.11.

Still, all three benchmarks closed the week higher, with the Dow up 2%. The S&P 500 advanced about 2.6%, and the Nasdaq capped the week up 3.3%.

Investors shifted into risk assets last week after absorbing some strong corporate results that had Wall Street deliberating whether the bear market has found a bottom.

“Equities have managed to stage a rally MTD, and climb a wall of worry. The bounce has been led by cyclical and Growth stocks, helped by longer end yields stabilizing, which in turn eases the pressure on P/E’s,” Barclays’ Emmanuel Cau wrote in a Friday note.

“This confirms to us that the market’s focus has switched from inflation worries to growth worries, with a sense that bad news is becoming good news again,” Cau added.

As of Friday, about 21% of companies in the S&P 500 reported earnings. Of those, nearly 70% beat analysts’ expectations, according to FactSet.

Investors are expecting a stacked week of earnings ahead that will include reports from major tech giants Alphabet, Amazon, Apple and Microsoft.

The Federal Reserve on Wednesday will also conclude its two-day policy meeting. Economists are widely expecting a three-quarter point hike.



Source

E.l.f. Beauty’s profits fall 30% as China tariffs weigh on bottom line
Business

E.l.f. Beauty’s profits fall 30% as China tariffs weigh on bottom line

E.l.f. Beauty’s profits fell 30% in its fiscal first quarter as new tariffs on Chinese imports begin to impact the cosmetic company’s bottom line. In the three months ended June 30, E.l.f.’s net income fell to $33.3 million, down 30% from $47.6 million a year ago. The company, which sources about 75% of its products […]

Read More
ESPN flagship streaming service to launch Aug. 21
Business

ESPN flagship streaming service to launch Aug. 21

A general view of the ESPN Monday Night Countdown booth prior to the game between the Jacksonville Jaguars and the Cincinnati Bengals at EverBank Stadium in Jacksonville, Florida, on Dec. 4, 2023. Mike Carlson | Getty Images ESPN will launch its new flagship streaming service — also named ESPN — on Aug. 21. Disney’s ESPN […]

Read More
Sen. Warren asks FTC to consider blocking Dick’s-Foot Locker merger over antitrust concerns
Business

Sen. Warren asks FTC to consider blocking Dick’s-Foot Locker merger over antitrust concerns

Foot Locker and Dick’s Sporting Good stores. Reuters Sen. Elizabeth Warren is calling on the FTC and DOJ to consider blocking Dick’s Sporting Goods’ proposed acquisition of Foot Locker, writing in a letter to the agencies that the merger could cut jobs, raise prices and reduce competition.  The missive, sent Tuesday evening, asks the agencies […]

Read More