US futures were slightly higher on Wednesday night ahead of key inflation data to be released on Thursday morning.
Dow Jones Industrial Average futures rose 60 points, or 0.1%. S&P 500 and Nasdaq 100 futures contracts were flat.
Disney shares jumped 8% hours after the company reported quarterly earnings and revenue from its parks, experiences and consumer products division. Uber jumped 5% in lingering trading after it reported a drop in revenue and recovered from challenges posed by omicrons.
In regular trading, the Nasdaq Composite jumped for a second day as market-leading tech stocks rallied and helped it recover some of the losses from the January sell-off, also driven by tech names. leader. The Nasdaq was up 2.08% and the S&P 500 was up 1.5%, while the Dow Jones Industrial Average was up 305.28 points, or 0.86%.
Early pandemic winners in 2022, including Shopify and Etsy, as well as stay-at-home stocks like DocuSign and Zoom, were some of Wednesday’s biggest winners.
“The market seems to have found a more constructive tone in the battle between Fed anxiety and the better fundamentals we’ve seen,” said Art Hogan, chief market strategist at National Securities. I’ve seen in both earnings and economic data.” “The fact that Disney outperformed Netflix after their earnings report certainly seems a positive.”
Netflix reported last month Disappointing quarterly earningsthis has added to investors’ interest in tech stocks and the volatility in trading that followed.
Bond yields, which have been strong this year, cooled a bit, perhaps helping boost tech stocks. The benchmark 10-year Treasury note traded near 1.945%.
Investors are also gearing up for Thursday’s Consumer Price Index report, expected to show Key inflation in January at its fastest pace since 1982. Core inflation, which excludes food and energy costs and is the Federal Reserve’s preferred inflation measure, is expected. will increase by 0.4% or 7.2% year-on-year.
“You’ll be hard-pressed to find anyone who doesn’t believe the CPI is going to be hot, because we seem to be playing a front-and-forth game, with everyone trying to be more hawkish about what the Fed has to offer. may or may not and monetary policy in 2022. That tends to set us up for the continuation of the rally,” Hogab said.
Twitter, Coca-Cola and Kellogg are expected to report earnings before the opening bell on Thursday. Expedia, Affirm and Zillow will report after the bell is over.
