U.S. stocks hold steady after record run, while Disney surges in premarket after blowout results


U.S. stock futures were edging higher ahead of Friday’s open, as investors digest third straight record closes for the Dow industrials and S&P 500, with import prices and a consumer sentiment survey ahead. Shares of Walt Disney were climbing in premarket after better-than-expected results.

How are markets trading?
  • Dow Jones Industrial Average futures
    YM00,
    +0.13%

    rose 0.1% to 35,451

  • S&P 500 futures
    ES00,
    +0.04%

    were modestly higher at 4,458

  • Nasdaq-100 futures
    NQ00,
    -0.02%

    were also inching up at 15,085.25

Thursday marked the first time since Mar. 15, 2021 that both the Dow and S&P 500 closed at a record for three consecutive days. The Dow industrials
DJIA,
+0.04%

closed up 14.88 points or 0.04% to 35499.85, the S&P 500
SPX,
+0.30%

finished the day up 13.13 points or 0.30% to 4460.83, and the Nasdaq Composite
COMP,
+0.35%

rose 51.13 points or 0.35% to 14816.26.

What’s driving the market?

Investors have been inspired by data this week, such as tame consumer prices and a fall in weekly jobless claims on Thursday, that helped fuel another record session. That’s as markets continue to closely watch the fast-spreading delta variant of coronavirus and its potential effects on global recoveries and reopenings.

More data are ahead for Friday in the form of July import prices and a preliminary August University of Michigan consumer sentiment survey.

“With a quiet session and no major macro releases, we expect a low volatility session with an attempt to set new highs in the S&P 500 or retreat mildly into the weekend,” said Steen Jakobsen, chief investment officer at Saxo Bank, in a note to clients.

The U.S. Food and Drug Administration late Thursday authorized an extra COVID-19 shot for those with compromised immune systems, but didn’t confirm media reports that it would update emergency-use authorizations for the Pfizer
PFE,
+2.01%

and Moderna
MRNA,
+1.58%

COVID-19 vaccines.

There were fresh concerns surrounding China, which has been battling to keep new outbreaks under control. Officials shut down the Meishan Terminal of China’s Ningbo-Zhoushan Port, the world’s biggest by tonnage shipped, which serves North America and Europe, due to a COVID-19 case.

“Those ripples won’t just be felt in China but also globally. The impact has been most noticeable in regional stock markets with a high beta to trade and China,” said Jeffrey Halley, senior market analyst at Oanda, in a note to clients.

Which companies are in focus?
  • Shares of Walt Disney Co.
    DIS,
    +0.67%

    climbed 5% in premarket, after the media and entertainment giant reported its strongest sales and profit since pre-pandemic and forecast-beating new subscriber numbers for its streaming service.

  • ContextLogic Inc.
    WISH,
    -4.27%

    shares fell 19% in premarket trading, after the parent of e-commerce site Wish reported slowing demand for its products, less activity on its platform and higher-than-expected costs.

  • Airbnb Inc.
    ABNB,
    +2.02%

    shares are down 3%, after the lodging-booking company said second-quarter revenue nearly quadrupled to $1.3 billion, beating analysts’ forecasts, but failed to give specific guidance.

  • DoorDash Inc.
    DASH,
    -1.23%

    shares fell 5%, after the online food-ordering group reported record order volume and total orders in the second quarter, but forecast weakness in the third quarter.



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