Stock futures were little changed on Thursday evening after a batch of earnings and economic reports pushed the S&P 500 to a record close.
S&P 500 futures
added 0.08%, while Nasdaq 100 futures
inched up 0.07%. Futures linked to the Dow Jones Industrial Average
added 49 points, or 0.1%.
Shares of streaming giant Netflix
fell more than 1% in extended trading following its latest quarterly results. The company posted an earnings and revenue beat for the second quarter and raised its full-year revenue forecast.
The moves come after Wall Street saw a winning day. The S&P 500
finished 0.5% higher, closing at a new record after hitting an all-time high during the session. The Nasdaq Composite
gained about 0.7%, also reaching fresh intraday and closing records. The Dow
climbed 0.5%.
The broad market, along with the other two major averages, is currently on pace for a positive week, bolstered by optimism surrounding the latest earnings results. On Thursday, PepsiCo
and United Airlines
shares both popped after the respective companies beat analyst estimates on earnings. Those follow solid results from big banks like JPMorgan
and Goldman Sachs
earlier in the week.
The index also moved higher on notable economic data, which signaled that the U.S. economy was holding up. Initial jobless claims for the week ending July 12 decreased from the prior week, and June’s retail sales reading surpassed expectations.
“I think this market deserves the benefit of the doubt, and what got you here is still the growth sectors,” Keith Lerner, co-chief investment officer and chief market strategist at Truist, said on CNBC’s “Closing Bell.” “You put that together with also today the economic data showing the economy may be cooling, but it’s certainly not collapsing.”
“We would stick with the underlying trend, which still seems positive in our world,” he continued.
Investors are looking ahead to more earnings reports due out Friday. That includes 3M
and American Express
Both are slated for release before the market opens.
Meanwhile, on the economic front, the Street is eyeing the preliminary reading for July consumer sentiment data. Economists polled by Dow Jones are expecting that to show a reading of 61.8, up from the prior reading of 60.7.
The major averages are on pace for positive weeks, with the S&P 500 up 0.6% through Thursday’s close and the 30-stock Dow on track for a 0.3% advance. The Nasdaq is the outperformer, heading for a 1.5% gain.
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