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Monday, July 4, 2022

Dow Futures Slip Following Positive Session

Dow Futures Slip Following Positive Session
© Reuters

By Oliver Gray 

Investing.com – U.S. stock futures dipped during Monday’s evening trade as investors remained cautious after major benchmark averages attempted to rebound during the regular session.

By 6:45pm ET (10:45pm GMT) Dow Jones Futures were down 0.4%, S&P 500 Futures fell 0.8% and Nasdaq 100 Futures dipped 1.5%.

In extended deals, Snap Inc (NYSE:SNAP) plunged 30.9% after warning that the company will miss its own targets for revenue and adjusted earnings in the current quarter due to a faster than expected deterioration of the macroeconomic environment. Pinterest Inc (NYSE:PINS) and Meta Platforms Inc (NASDAQ:FB) also fell 12.6% and 7.5% respectively after the report, while Alphabet Inc (NASDAQ:GOOGL) and Twitter Inc (NYSE:TWTR) fell 3.7% apiece.

Nautilus Group Inc (NYSE:NLS) moved 16.3% lower after the company reported Q4 losses of 58 cents per share, in-line with market expectations, while revenue came in at $119.7 million versus $120.85 million expected.

Zoom Video Communications Inc (NASDAQ:ZM) moved 6.2% higher after reporting Q1 EPS of $1.03 versus $0.87 expected, while for the quarter came in at $1.07 billion, in-line with market expectations.

Investors will be closely monitoring new home sales data and a speech from Fed Chair Powell while Nordstrom Inc (NYSE:JWN), Best Buy Co Inc (NYSE:BBY) and Ralph Lauren Corp (NYSE:RL) are set to report earnings results.

During Monday’s regular trading session, the Dow Jones Industrial Average jumped 618 points, or nearly 2% to 31,880.3, the S&P 500 rose  72.4 points or 1.9% to 3,973.8 and the NASDAQ Composite gained 1.6% to 11,535.3.

Gains were led by heavyweight financial companies with JPMorgan Chase & Co (NYSE:JPM) gaining 6.2% after raising its guidance for full-year net interest income. Bank of America Corp (NYSE:BAC) lifted 6%, Citigroup Inc (NYSE:C) gained 6.1% and Wells Fargo & Company (NYSE:WFC) lifted 5.2%.

On the bond markets, United States 10-Year yields were at 2.86%.

Source: Investing.com

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