Futures Pointing To Mixed Open On Wall StreetJuly 29, 2022
Following the strong upward move seen over the past several sessions, stocks may turn in a lackluster performance in early trading on Friday. The major index futures are currently pointing to a mixed open for the markets, with the Dow futures up by 0.2 percent and the Nasdaq futures down by 0.3 percent.
A steep drop by shares of Snap Inc. (SNAP) is likely to weigh on the tech-heavy Nasdaq, with the Snapchat parent plunging by 32.6 percent in pre-market trading.
The nosedive by Snap comes after the company reported weaker than expected second quarter revenues and declined to provide guidance due to “incredibly challenging” conditions.
Social media giant Twitter (TWTR) may also come under pressure after reporting second quarter results that missed analyst estimates, citing advertising industry headwinds and uncertainty related to the pending acquisition by Elon Musk.
Meanwhile, the Dow may benefit from a notable advance by shares of American Express (AXP), with the credit card giant surging by 5.1 percent in pre-market trading.
The jump by American Express comes after the company reported second quarter results that beat analyst estimates on both the top and bottom lines.
A notable decline by shares of Verizon (VZ) may limit the upside for the Dow, however, as the telecom giant is slumping by 4.3 percent in pre-market trading after reporting weaker than expected second quarter earnings and lowering its full-year guidance.
Overall trading activity may also be somewhat subdued, as a lack of major U.S. economic data keeps some traders on the sidelines ahead of the Federal Reserve’s monetary policy decision next week.
The Fed is widely expected to raise interest rates by at least 75 basis points as part of its ongoing efforts to combat elevated inflation.
Stocks saw significant volatility over the course of the trading session on Thursday but managed to end the day notably higher. The major averages extended a recent upward trend, reaching their best closing levels in over a month.
The major averages saw further upside going into the close, reaching new highs for the session. The Dow climbed 162.06 points or 0.5 percent to 32,036.90, the Nasdaq surged 161.96 points or 1.4 percent to 12,059.61 and the S&P 500 jumped 39.05 points or 1 percent to 3,998.95.
In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance during trading on Friday. Japan’s Nikkei 225 Index rose by 0.4 percent, while China’s Shanghai Composite Index edged down by 0.1 percent.
Meanwhile, the major European markets have all moved to the upside on the day. While the U.K.’s FTSE 100 Index has risen by 0.3 percent, the French CAC 40 Index is up by 0.5 percent and the German DAX Index is up by 0.6 percent.
In commodities trading, crude oil futures are falling $0.90 to $95.45 a barrel after plunging $3.53 to $96.35 a barrel on Thursday. Meanwhile, after climbing $13.20 to $1,713.40 an ounce in the previous session, gold futures are rising $9.80 to $1,723.20 an ounce.
On the currency front, the U.S. dollar is trading at 136.74 yen versus the 137.36 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0187 compared to yesterday’s $1.0230.
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