Stock Market News Today, 05/08/24 – Futures Edge Higher Amid Strong Earnings

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The U.S. futures edged higher on Wednesday morning amid a solid corporate earnings season. The Dow Jones Industrial Average extended gains and marked its longest winning streak since December 2023. With approximately 85% of S&P 500 companies having disclosed their quarterly results, roughly 80% have exceeded Wall Street’s projections. The futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) were up by about 0.03%, 0.04%, and 0.03%, respectively, at 3.28 a.m. EST, May 8.

In after-hours action, shares of social media platform Reddit (RDDT) jumped nearly 15% after it smashed analysts’ Q1 expectations. Meanwhile, Lyft (LYFT) stock gained over 6% after a better-than-expected Q1 report. Conversely, Rivian (RIVN) stock fell 5.6% due to a wider-than-expected Q1 loss. At the same time, Twilio (TWLO) stock dropped nearly 7% due to the moderating sales growth rate.  

On the earnings front, ride-hailing company Uber (UBER) will release its Q1 financials today. Analysts expect the momentum in its business to be sustained in Q1, driven by higher gross booking volumes. Alongside Uber, Shopify (SHOP), Arm Holdings (ARM), Airbnb (ABNB), and Robinhood (HOOD) are among other prominent companies slated to release their quarterly financials today.

Turning to this week’s economic reports, investors await May’s preliminary readings of the Michigan Consumer Sentiment Index and the UoM 5-year Consumer Inflation Expectations, both scheduled for Friday.

Meanwhile, the U.S. 10-year treasury yield was up at the time of writing, floating near 4.5%. At the same time, WTI crude oil futures trended lower, hovering near $77.54 per barrel as of the last check. 

Elsewhere, European indices opened higher as traders awaited corporate earnings. Food and beverage stocks notched higher in the morning. 

Asia-Pacific Markets Were Down Today

Asia-Pacific indices were down on Wednesday as investors assessed corporate earnings. Japan’s Nikkei and Topix indices were down 1.63% and 1.45%, respectively. 

China’s Shanghai Composite and Shenzhen Component indices fell 0.61% and 1.35%, respectively. At the same time, Hong Kong’s Hang Seng index was down 0.86%.

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