S&P 500 futures rise slightly, investors look past disappointing tech earnings, meta stocks dip

Futures linked to the S&P 500 rose slightly on Thursday as investors brushed off disappointing results. Meta platforms.

S&P 500 futures traded about 0.1% higher, while Dow Jones Industrial Average futures rose 116 points, or 0.4%. Nasdaq 100 futures fell 0.3%.

Shares Facebook’s parent company collapsed 20% of premarket trading a Weak fourth quarter forecast And disappointing third-quarter earnings. The company also said it will lose even more money to develop Metaverse next year. The report led many analysts to downgrade the stock.

Traders also scrutinize the earnings reports of other companies. Service now Earnings rose more than 12% after the beat. 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 was marginally higher on the day.

For the week, all major averages are in positive territory, with the Dow and S&P up more than 2% and the Nasdaq roughly 1% higher. The Dow is on pace for its fourth consecutive positive week since its five-week streak ended in November 2021.

“Investors are still struggling for direction and want clarity on earnings and what the Fed is going to do going forward,” said Adam Sarhan, CEO of 50 Park Investments. “Remember, the market is a forward-looking mechanism and earnings reports tell us what happened in the past. Investors want clarity and certainty. Right now, we still have uncertainty at many levels.”

Big tech earnings continue Thursday with results from Amazon and Apple. Earnings from Intel, McDonald’s, Merck and Caterpillar are also on deck.

Along with earnings, investors have their eyes on an improved reading of third-quarter gross domestic product, which is expected to provide further clues to the state of the US economy.

Weekly initial jobless claims and September durable goods are scheduled for Thursday.

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