Traders work on the trading floor of the New York Stock Exchange (NYSE) on October 23, 2024 in New York City, the United States.
Brendan McDermid | Reuters
Futures for the S&P 500 were trading near the flat line late Wednesday after three straight days of losses.
S&P 500 Index Futures Add 0.1%, while Nasdaq 100 Futures up 0.3%. Dow Jones Futures Down 65 points, or nearly 0.2%
In after-hours trading, Tesla The electric car maker’s third-quarter profit beat Wall Street expectations, sending its shares soaring 11%. tech giants international business machine The company’s shares fell nearly 3% as consulting revenue fell slightly short of analysts’ expectations.
The Dow Jones Index closed on Wednesday, down more than 400 points, or 0.96%, the largest one-day drop since early September. this S&P 500 Index down 0.92%, Nasdaq Index down 1.6%. It was the third straight day of losses for the Dow Jones and S&P 500.
Wednesday marked the third straight day of losses for the Dow Jones and S&P 500. Rising yields have weighed on stocks recently.
Paul Hickey, co-founder of Bespoke Investing Group, said he wouldn’t read too much into the recent stock market selloff.
“Today is a tough day, but you have to put it in the context of what you’ve seen over the past six weeks. Part of the reason for this rise is that earnings results – starting with the big banks – have been very strong and their stock prices have reacted very positively,” he said Wednesday afternoon on CNBC’s “The Closing Bell: Overtime.” “It’s a tough day, but these days they happen.”
Hickey warned that markets could see a slight pullback after the U.S. presidential election in November. Still, he assured that the market would find its footing following the incident.
“Once the election comes, you might get into a phase of disappointment and (see a) selling off the news reaction. But I don’t think it’s going to be too bad. The overall market backdrop is very good in terms of breadth, earnings, the economy, and the Fed is the market support,” he said.
More profit-making results are expected on Thursday. United Parcel Service, Honeywell, Northrop Grumman Corporation, Southwest Airlines and American Airlines is among the companies preparing to release reports before the market opens.
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