Stock futures in the United States were little changed Wednesday as the corporate earnings season continued.
Dow Jones Industrial Average futures fell 16 points or less than 0.1%. The S&P 500 was unchanged, while Nasdaq-100 futures fell nearly 0.1%.
United Airlines shares rose more than 2% in premarket trading after the company beat Wall Street’s expectations in the most recent quarter, thanks to strong travel demand.
Meanwhile, Moderna’s stock rose more than 5% after the pharmaceutical company announced that its vaccine against the respiratory syncytial virus could prevent the disease in older adults.
On Tuesday, the Dow fell 391 points or 1.14%. Goldman Sachs shares fell, dragging down the 30-stock index after the bank reported disappointing earnings. The S&P 500 fell 0.22%. Meanwhile, the tech-heavy Nasdaq Composite was the only major average to deviate from the trend, rising 0.14%.
These moves come from earnings reports from large banks, which suggested diverging paths ahead even for names in the same sector. Goldman Sachs’ stock dropped more than 6% after revenue from investment banking and asset management fell. Morgan Stanley gained 5.9%, helped by higher-than-expected wealth management revenue.
Traders look forward to a slew of economic reports on Wednesday, including the latest producer price index and retail sales figures.
Dow Jones economists expect the producer price index to fall 0.1% in December after rising 0.3% the previous month.
Meanwhile, retail sales are expected to fall by 1% in December. The previous reading showed a 0.6% decrease.
In early trade, the pan-European Stoxx 600 index was slightly higher. Stocks in travel and leisure rose 1.1%, while chemicals fell 0.6%.
Meanwhile, the annual inflation rate in the United Kingdom fell to 10.51% in December, slightly below analyst expectations. It was the second month of declines, following November’s drop from a 41-year high to 10.72%.
The Hang Seng Index in Hong Kong rose 0.09%, while the Hang Seng Tech Index was unchanged. Mainland The Shanghai Composite closed at 3,224.41, up 0.0862%, and the Shenzhen Component closed at 11,810.66, up 0.0862%.
Markets were surprised when the Bank of Japan maintained its yield curve tolerance band and ultra-dovish -0.11% interest rate.
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