New York Stock Exchange Floor Trader, May 17, 2022.
US stock futures rose after the Nasdaq Composite fell during a regular session on Tuesday night.
The Dow Jones Industrial Average futures rose 111 points (0.4%). S & P 500 and Nasdaq 100 futures rose 0.5% and 0.7%, respectively.
Nordstrom shares soared by more than 10% in extended trading after retailers Exceeded sales forecast Raised the outlook for the whole year. Retailers have experienced a surge in demand from shoppers refreshing their closets for “long-awaited opportunities.”
The Nasdaq Composite fell 2.4% during regular trading, while the S & P 500 fell 0.8%. The Dow rose 0.2% in the all-day reversal, despite falling 1.6% early in the session.
The loss at Nasdaq came after a warning from Snap surprised the digital advertising industry, which hurt social media stocks such as Facebook’s parent Meta, Twitter, and Google’s parent Alphabet.Snap’s share price fell 43% during a regular session after the company announced it. Miss your earnings and earnings goals..
“It tells us how much technology and communications services we still own, because they’ve been hit hardest, and for good reason. Snaps are for almost everyone. It was a real surprise, “said Stephanie Link Hightower’s chief investment strategist and portfolio manager on Tuesday about CNBC’s Closing Bell.
“I think we’re in a really difficult time. We’ve said that the number of unknowns is so great that it’s an unstable environment all year round,” she continued.
Traders will continue to analyze earnings reports this week to see how companies are dealing with inflationary pressures. Dick’s Sporting Goods will report earnings before Bell on Wednesday. Snowflake and Nvidia are set to post quarterly reports after the bell.
On the economic front, traders are also looking at the latest reports on weekly mortgage applications and durable consumer goods orders before the market opens. Investors are looking forward to the latest minutes from the Federal Open Market Committee.