Futures linked to the S&P 500 rose slightly on Thursday as investors seemed to ignore the disappointing results of Metaplatforms.
S&P 500 futures traded nearly flat, while Dow Jones Industrial Average futures climbed 227 points, or 0.7%. Nasdaq 100 futures fell 0.5%.
Shares of Facebook’s parent company fell 20% in pre-marketing on a weak forecast for the fourth quarter and disappointing third quarter results. The company also said it will lose even more money next year building the Metaverse. The report led several analysts to downgrade the stock.
Traders also pored over earnings reports from other companies. ServiceNow jumped more than 12% after a beating in earnings. Ford Motor, meanwhile, fell 2% after the company released its latest results.
Stocks are coming off a mixed session, with the S&P 500 and Nasdaq Composite falling for the first time in four days on Wednesday, while the Dow Jones ended the day up slightly.
For the week, all major averages remain in positive territory, with the Dow and S&P up more than 2% and the Nasdaq up around 1%. The Dow Jones is on pace for its fourth consecutive positive week since ending its five-week streak in November 2021.
“Investors are still struggling to find direction and want clarity around earnings and what the Fed will do going forward,” said Adam Sarhan, CEO of 50 Park Investments. “Remember that the market is a forward-looking mechanism and earnings reports tell us what has happened in the past. Investors want clarity and certainty. Right now we still have a lot of uncertainty on many levels.”
Shares of Comcast and McDonald’s traded up 8% and 2.9% respectively, following earnings reports that beat expectations before the bell. Big tech earnings continue Thursday with results from Amazon and Apple.
Along with earnings, investors have their sights set on an advanced reading of third-quarter gross domestic product which should offer new clues about the state of the US economy.
September initial weekly jobless claims and durable goods are also scheduled for Thursday.